Milwaukee Q1 Multifamily Market Insights: Vacancy reaches 20-year low, rents on the rise

Highlights:

  • After significant improvement throughout 2021, the Milwaukee multifamily market continued to strengthen at the beginning of this year. Vacancy ticked lower and rents advanced at a rapid clip.
  • Vacancy in Milwaukee ended the first quarter at 3.6 percent, down 10 basis points year to date. The rate has declined 120 basis points in the past 12 months.
  • Rent growth is gaining momentum; asking rents have advanced 12.3 percent year over year, reaching $1,274 per month as of the first quarter. Rents spiked 9 percent in 2021.
  • After investment activity nearly doubled in 2021, the pace of transactions has slowed in the first few months of 2022. While only a handful of properties have traded, prices have remained elevated. The median price to this point in 2022 is approximately $143,500 per unit, closely tracking the 2021 median price.

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