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Apartments for Rent in Traverse, MI under $500

3 Rentals Available
Apartments for Rent in Traverse, MI under $500. 3 Rentals Available
  • a living room with couches and a kitchen
    Today

    340 E. State Street, Traverse City, MI 49684
    STUDIO $1
  • a living room with a dining room table and chairs
    Today

    520 Wellington Street, Traverse City, MI 49686
    Income Restricted
    2 BEDS Ask for Pricing
  • a living room with couches and chairs and a table
    Today

    947 South Garfield Ave, Traverse City, MI 49686
    Income Restricted
    1 BED $373+
    2 BEDS $450+
3-0-city
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Getting around in Traverse, MI

66 /100
Somewhat Walkable
81 /100
Very Bikeable
Walk Score®: 66, Bike Score®: 81

Frequently asked questions

When were prices and availability in Traverse, MI last updated?

Prices and availability in Traverse, MI were last updated on 10 Apr 2026.

What are the best apartments in Traverse, MI?

The best apartments in Traverse, MI are: Breakwater, TC Lofts, Bayview of Traverse City, Ruth Park and Annika Place.

What type of rental buildings are in Traverse, MI?

In Traverse 28% of the housing is rented out compared to 72% of homes are owned, according to the most recent Census Bureau estimates. 13% of Traverse's apartments are found in large buildings of 50 units or more, 62% are located in smaller apartment complexes with less than 50 units, and 21% are single-family rentals.

Renting apartments in Traverse, MI under $500

Searching for apartments for rent in Traverse, MI under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.

We’ll help you find the cheapest rental near you

Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Traverse, MI. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Traverse, MI going for $373 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!