Lake Michigan Short term rental numbers

[Dan Farkas]

Hello all. Thank you in advance for any advice. I am looking for information to determine a realistic value on a potential STR on Lake Michigan. This property is located between Muskegon, MI and Ludington, MI and provides an excellent elevated view.

It is a four bedroom, 2 bath log home with a fire pit down by the lake and a covered front porch which provides amazing Sunsets. 

I hope a few people can answer some questions.

What is the major driving force in a choice to rent a place on Lake Michigan? Is it bedrooms? View?

Will this be rented by more than one family or a few unrelated couples or groups? 

What would be a realistic occupancy rate on the Summer season ( Memorial Day through Labor Day)? 

What can I expect for occupancy outside those dates provided that I adjust my price accordingly? 

How will a lack of High speed internet affect the price and occupancy?

Is this market saturated or overly competitive?

[Luke Carl]

@Dan Farkas the three obvious questions for an STR for PERSONAL use....

How much money will I lose 

Will all the work be worth it 

Am I better off buying a rental that will make cash and use that cash to rent someone else’s log cabin?  

It’s much like buying an RV 

I also appreciate when people hit the VOTE button when I give them fabulous advice ;) 

Enjoy!