Michigan, known for its diverse landscapes and Great Lakes shoreline, offers excellent opportunities for short-term rental investors. From vibrant cities to scenic lakefront destinations, these markets provide strong investment potential.
Our latest tool, Chalet Intel, provides comprehensive insights and strategies tailored to investors at all experience levels. It includes a calculator, regulation overview, and much more for each market discussed. Links will be provided for each market, allowing you to conduct a more detailed analysis on your own.
1. Detroit, Michigan
Detroit, MI, known as the Motor City, has a rich history in the automotive industry and a vibrant arts scene, with attractions like the Detroit Institute of Arts and the Motown Museum.
Detroit has experienced a slight decrease in home values by -0.90%, with the average home price now at $68,379. The city maintains a competitive edge with an average daily rate (ADR) of $118.00 and an occupancy rate of 53%, leading to an annual revenue of $21,392 from 1,222 active listings. The average gross yield is an impressive 26.07%, complemented by a cap rate of 15.64%.
Discover more about investing in Detroit through Chalet Intel.
2. South Haven, Michigan
South Haven, MI, a popular lakeside destination, is known for its beautiful beaches, charming downtown, and vibrant festivals.
South Haven has seen a modest increase in home values by 2.00%, with the average price at $320,023. The city thrives with an ADR of $331.00 and an occupancy rate of 49%, translating to an annual revenue of $55,244 from 589 active rentals. The gross yield here is 14.39%, with a cap rate of 8.63%.
Discover more about investing in South Haven through the free South Haven Airbnb Investor Guide and South Haven Rental Regulations.
