Elk Rapids, MI Airbnb Market Data, Statistics, and Occupancy Rates

Elk Rapids Short-Term Rental Market Overview

Elk Rapids, MI, is a small lakeside market in northern Michigan where short-term rentals command a strong average daily rate of $362—slightly above the $350 state average—driven largely by summer tourism along the shores of Torch Lake and Grand Traverse Bay. With only 15 active Airbnb listings and year-over-year listing growth of 76%, the market is still in its early stages, offering investors the chance to establish a presence before supply matures. Average annual revenue sits at $39,140, fueled by an intense summer peak that can generate over $9,000 in a single month.

Key Market Statistics

According to Rabbu market data, the Elk Rapids short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Apr, 27 2026.

Why Investors Consider Elk Rapids

Investors are drawn to Elk Rapids for its premium summer pricing, limited supply, and above-average market growth trajectory relative to other small Michigan lakeside communities.

Expert Market Assessment

"Elk Rapids presents a moderately attractive opportunity for investors comfortable with pronounced seasonality. The market's ROI score of 62 out of 100—classified as an "Attractive Opportunity"—reflects average revenue-to-price and occupancy metrics balanced by above-average growth momentum. Peak months of July and August deliver exceptional returns (over $8,500/month), but the off-season from November through April brings revenue well below $2,500 monthly. Investors who price aggressively during summer and manage costs carefully through winter stand to benefit from this emerging northern Michigan destination."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Elk Rapids

Average revenue by month in Elk Rapids

Revenue in Elk Rapids is sharply seasonal: July ($9,127) and August ($8,549) together account for nearly half of annual earnings, while the slowest month—April—brings in just $981. This roughly 9:1 peak-to-trough ratio means investors need a strong summer strategy and realistic off-season expectations.

Active Airbnb listings by property size in Elk Rapids

All reportable supply in Elk Rapids is concentrated in 3-bedroom properties, which make up 7 of the 15 active listings. This limited data on other bedroom counts may indicate that smaller or larger configurations are either rare or too few to report, potentially signaling an opportunity for differentiated property types.

Average daily rate (ADR) by property size in Elk Rapids

Three-bedroom properties in Elk Rapids command an average daily rate of $217, which is notably lower than the market-wide ADR of $362—suggesting that larger or more premium listings (not broken out individually) are pulling the overall average significantly higher.

Average RevPAN by property size in Elk Rapids

Three-bedroom listings generate a RevPAN of $25, reflecting the combination of a $217 ADR and 12% occupancy. This modest RevPAN underscores the impact of low year-round occupancy on per-night revenue efficiency, even when nightly rates are relatively strong.

Average occupancy rates by property size in Elk Rapids

Three-bedroom properties average a 12% occupancy rate, consistent with the market's heavily seasonal demand pattern. Cash-flow stability is limited outside the summer months, so investors should plan for extended vacancy during the off-season.

Average monthly revenue by property size in Elk Rapids

A typical 3-bedroom listing in Elk Rapids generates about $2,980 per month on a trailing 12-month basis. This figure is pulled up heavily by summer peaks and reflects meaningful downtime during the colder months.

Average annual revenue by property size in Elk Rapids

Three-bedroom properties earn approximately $35,769 annually, which—against an average home value of $913,915—implies a gross yield of around 3.9%. Investors targeting better returns may need to identify undervalued properties or maximize summer pricing to improve the revenue-to-price ratio.

Most common amenities for Airbnb listings in Elk Rapids

Kitchens and parking are universal (100%), while outdoor features like patios (93%), backyards (87%), and BBQ grills (80%) dominate the listing landscape—signaling that guests expect a full-home vacation experience. Lake access appears in 60% of listings and beach access in 47%, making waterfront proximity a competitive differentiator in this market.

Understanding Elk Rapids's ROI Score: 62/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Elk Rapids earns a Rabbu ROI Score of 62 out of 100, placing it in the "Attractive Opportunity" band. The score reflects average revenue-to-price and occupancy stability metrics, buoyed by above-average market growth that signals increasing traveler and investor interest in this lakeside community. Investors should pair these data points with thorough local regulatory research and a realistic seasonal revenue model before committing capital.

Short-Term Rental Regulations in Elk Rapids

Understanding local STR regulations is essential before investing in Elk Rapids. Here's the current regulatory landscape:

Permit Requirements

Short-term rental operators in Elk Rapids, Michigan, should check with Antrim County and the Village of Elk Rapids for any permit, registration, or licensing requirements before listing a property. State-level regulations may also apply, so investors are encouraged to verify compliance with both local and Michigan state authorities.

Key Restrictions

Common restrictions that may apply to STR properties in small Michigan communities include occupancy limits, minimum-stay requirements, noise ordinances, and parking regulations. HOA covenants and deed restrictions can also limit or prohibit short-term rentals in certain neighborhoods, so reviewing these before purchasing is essential.

Tax Obligations

Michigan requires the collection of a 6% state use tax on short-term accommodations, and some localities may impose additional lodging or assessment district taxes. Platforms like Airbnb often collect and remit certain taxes on behalf of hosts, but operators should confirm their full obligations with the Michigan Department of Treasury.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Elk Rapids can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Elk Rapids is likely to see continued listing growth as more investors discover the area's summer revenue potential. July and August alone accounted for roughly 45% of trailing-twelve-month revenue, so hosts should expect revenue to remain heavily seasonal, with occupancy likely hovering in the 10–15% range during shoulder and off-peak months. ADR could see modest upward pressure of 2–5% as the market matures and higher-quality listings enter the supply, though investors should budget for several lean months between November and April when monthly revenue typically dips below $2,000."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Elk Rapids, MI

What is the average Airbnb occupancy rate in Elk Rapids?

The average occupancy rate for Airbnb listings in Elk Rapids is currently 11%, which is well below the Michigan state average of 42%. This reflects the market's strong seasonality—summer months drive the bulk of bookings, while the colder months see significantly lower demand. Investors should plan their financial models around this seasonal pattern.

How much do Airbnb hosts make in Elk Rapids?

Based on trailing 12-month booking data, Airbnb hosts in Elk Rapids earn an average of $3,261 per month, or approximately $39,140 annually. Revenue is heavily concentrated in the summer, with July topping $9,127 and August reaching $8,549, while quieter months like April may bring in under $1,000.

Is Elk Rapids a good market for Airbnb investment?

Elk Rapids earns a Rabbu ROI Score of 62 out of 100, placing it in the "Attractive Opportunity" category. The market benefits from above-average growth trends and limited competition with just 15 active listings, though the seasonal nature of demand means investors should be prepared for lean winter months. It can work well for those who maximize summer revenue and manage expenses during the off-season.

What is the average daily rate (ADR) for Airbnb in Elk Rapids?

The average daily rate in Elk Rapids is $362, which is slightly above the Michigan state average of $350. This premium reflects the desirability of lakeside vacation rentals in northern Michigan, particularly during the summer tourism season.

Are short-term rentals legal in Elk Rapids?

Short-term rentals are generally permitted in the Elk Rapids area, but operators should verify local permit and registration requirements with the Village of Elk Rapids and Antrim County. Michigan state regulations may also apply. It's important to review any HOA restrictions or zoning rules that could affect a specific property before investing.

When is peak season for Airbnb in Elk Rapids?

Peak season in Elk Rapids runs from June through August, with July being the highest-earning month at an average of $9,127 in revenue. August follows closely at $8,549. Revenue drops sharply in the fall and winter, with April being the softest month at roughly $981.

How many Airbnbs are there in Elk Rapids?

As of April 2026, there are 15 active Airbnb listings in Elk Rapids. The market has seen significant growth, with a 76% year-over-year increase in active listings, suggesting rising investor and traveler interest in the area.

How is Airbnb revenue calculated in Elk Rapids?

The annual and monthly revenue figures for Elk Rapids are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market—not a forward-looking projection. We average each comparable listing's actual revenue per available night (RevPAN) by month over the past year, remove regional outliers, and roll the remainder up to a market-level historical average. This approach anchors the figures to what hosts have actually earned recently, while naturally reflecting seasonal peaks and slower months because each month uses its own historical performance. Individual results can vary based on property quality, pricing strategy, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts for the Elk Rapids market
• Occupancy rates, average daily rates, and RevPAN trends across property sizes
• Monthly and annual revenue metrics based on trailing 12-month booking performance
• Home value data sourced from the Zillow Home Value Index (ZHVI)
• Amenity prevalence data across active listings to inform property setup decisions

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Apr, 27 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Data reflects trailing 12-month historical averages and may not capture very recent market shifts. Local regulations, HOA restrictions, and tax obligations vary and should be independently verified before investing.