Milwaukee, Wisconsin Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Milwaukee, Wisconsin rental market.
Highlights
An apartment for rent in Milwaukee, Wisconsin typically goes for $1,519 per month, while a single-family home for rent in Milwaukee, Wisconsin has a monthly cost of around $1,356. Renter-occupied units make up 59% of the local housing market, while the rental vacancy rate in Milwaukee, Wisconsin is at 6.7.
Milwaukee, Wisconsin
Average Apartment Rent
$1,519
Y-o-Y Change in Average
Apartment Rent
4.4%
Average Single-Family Rent
$1,356
As of November 2024
Compared to a year ago, Milwaukee, Wisconsin apartments have recorded a 4.4% rent increase.
Milwaukee, Wisconsin Average apartment rent trend
Milwaukee, Wisconsin Average Apartment Rent
Milwaukee, Wisconsin Apartment rent ranges
At 34.93%, apartments priced $1,000 - $1,500 represent the bulk of Milwaukee, Wisconsin rentals, while condos priced Under $500 hold the lowest share of the market – 0.11%.
Milwaukee, Wisconsin Housing tenure**
Renters take up 59% of Milwaukee, Wisconsin real estate, occupying a total of 135,784 units, while homeowners live in 94,975 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$36,466
Average household size of renter-occupied housing units**
2.33
Rental vacancy rate**
6.7%
Milwaukee, Wisconsin Renter-occupied housing units by no. of bedrooms**
There are 53,117 rentals in Milwaukee, Wisconsin with 2 beds making up the highest share of the market, at 39%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,413 units. Overall, the median number of rooms in Milwaukee, Wisconsin homes for rent is 4.3.
Milwaukee, Wisconsin Renter-occupied units by age of householder**
Most condos for rent in Milwaukee, Wisconsin are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (20%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Milwaukee, Wisconsin Renter-occupied housing units by family type**
Milwaukee, Wisconsin Renter-occupied housing units by the presence of own children**
A total of 60,109 apartments for rent in Milwaukee, Wisconsin, or 44% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 41,033 units. All in all, the median size of a renter-occupied household in Milwaukee, Wisconsin is 2.33.
Milwaukee, Wisconsin Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 23% of the rental market. In contrast, residents with less than a high school degree reside in 15% of the homes for rent in Milwaukee, Wisconsin.
Milwaukee, Wisconsin Renter-occupied units by year structure built**
The highest share of Milwaukee, Wisconsin apartment rentals, namely 33% or 44,908 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (15%, 20,856 units), and the ones Built 1960 - 1969 (13%, 17,150 units).
Milwaukee, Wisconsin Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Milwaukee, Wisconsin renters (43%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Milwaukee, Wisconsin condos for rent is 2017.
Milwaukee, Wisconsin Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Milwaukee, Wisconsin renters have 1 vehicle available per household, 24% of them have No vehicle available, and 20% have 2 vehicles available.
Milwaukee, Wisconsin Means of transportation to work of householders living in renter-occupied housing units**
Milwaukee, Wisconsin Geographical mobility in the past year for householders living in renter-occupied housing units**
Milwaukee, Wisconsin Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Milwaukee, Wisconsin apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates