In this paper, we consider the generalized inverse iteration for computing ground states of the Gross–Pitaevskii eigenvector (GPE) problem. For that we prove explicit linear convergence rates that depend on the maximum eigenvalue in magnitude of a weighted linear eigenvalue problem. Furthermore, we show that this eigenvalue can be bounded by the first spectral gap of a linearized Gross–Pitaevskii operator, recovering the same rates as for linear eigenvector problems. With this we establish the first local convergence result for the basic inverse iteration for the GPE without damping. We also show how our findings directly generalize to extended inverse iterations, such as the Gradient Flow Discrete Normalized (GFDN) proposed in [W. Bao and Q. Du, Computing the ground state solution of Bose–Einstein condensates by a normalized gradient flow, SIAM J. Sci. Comput. 25 (2004) 1674–1697] or the damped inverse iteration suggested in [P. Henning and D. Peterseim, Sobolev gradient flow for the Gross–Pitaevskii eigenvalue problem: Global convergence and computational efficiency, SIAM J. Numer. Anal. 58 (2020) 1744–1772]. Our analysis also reveals why the inverse iteration for the GPE does not react favorably to spectral shifts. This empirical observation can now be explained with a blow-up of a weighting function that crucially contributes to the convergence rates. Our findings are illustrated by numerical experiments.