Grand Marais, MN

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Grand Marais short-term rental market based on reliable data.

Listings

367 / 703

Reliable / Active

Cap Rate

14%

Middle-Earners Gross Yield

Revenue

$57,760

Middle-Earners Revenue

Occupancy

55%

Middle-Earners Occupancy

Home Value

$423,172

Median Home Sale Price

Top Earners

$110,599

Top-Earners Revenue

Grand Marais

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Grand Marais.

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B

Generally Investor friendly

Grand Marais Regulations

Permitted with a defined process and moderate costs: $600 annual license, inspections, safety and septic compliance, local lodging tax filing, and two-unit per parcel cap. A county-wide trigger cap exists at 393 units (currently ~358 active), which adds uncertainty, but enforcement is moderate and the rules are clear.

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About Grand Marais

Grand Marais is a small harbor town perched on the North Shore of Lake Superior in Cook County, Minnesota, with a year-round population of roughly 1,300. It has the feel of a working waterfront village that has also become a hub for artists, photographers, and outdoor enthusiasts, with galleries, locally owned eateries, and a walkable downtown clustered around the working harbor. The town is best known as the eastern gateway to the Boundary Waters Canoe Area Wilderness and as a waypoint along the Lake Superior shore, and it sits about 260 miles — roughly four and a half hours by car — northeast of the Minneapolis–Saint Paul metro area along Highway 61.

Just to the northeast of town, Judge C.R. Magney State Park draws visitors for its rugged hiking trails and the famous Devil's Kettle, a waterfall on the Brule River where one fork of the stream pours into a deep rock cavity whose outlet has never been confirmed. The park is about a 20-minute drive from Grand Marais and offers a strong day-trip option for guests who want a short, dramatic hike without leaving the North Shore corridor.

Further up the shore, roughly 35 miles northeast along Highway 61, Grand Portage National Monument preserves an eighteenth-century fur-trading depot and the cultural landscape of the Grand Portage Anishinaabe, the Ojibwe community that hosts the site. The monument includes reconstructed buildings on the historic portage trail overlooking Lake Superior and offers a striking counterpoint to the wilderness experiences nearby, pairing a half-day of history and culture with sweeping lake views.

Closer to home, the Gunflint Trail begins in Grand Marais and winds north for about 57 miles into the Boundary Waters, lined with lodges, outfitters, and access points that serve canoeists heading into the million-acre wilderness. Within town, the North House Folk School and the harbor's Artist's Point peninsula are easy, walkable anchors for visitors, while the wider North Shore Scenic Drive connects Grand Marais to other marquee stops such as Lutsen Mountains, Cascade River State Park, and, further southwest, Split Rock Lighthouse.

For short-term rental owners, Grand Marais combines a small, walkable downtown with an outsized draw from outdoor recreation, scenic driving, and seasonal events tied to the lake and the surrounding wilderness. Its distance from major cities, combined with a strong arts-and-adventure identity, gives the town a year-round visitor base — summer paddlers and highway travelers, fall color seekers, and winter skiers and snowmobilers — that supports steady demand for well-located lodging along the North Shore.

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