Milwaukee, Wisconsin Rental Market Trends

Disclaimer:

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

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Milwaukee $1,291 $1,308 $1,361 $1,355 $1,369 $1,410 $1,402 $1,462 $1,516 $1,519
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Milwaukee
National
Nov 2021
$1,291
$1,596
Mar 2022
$1,308
$1,635
Jul 2022
$1,361
$1,708
Nov 2022
$1,355
$1,726
Mar 2023
$1,369
$1,714
Jul 2023
$1,410
$1,739
Nov 2023
$1,402
$1,733
Mar 2024
$1,462
$1,727
Jul 2024
$1,516
$1,752
Nov 2024
$1,519
$1,748

Milwaukee, Wisconsin Average Apartment Rent

Milwaukee, Wisconsin Apartment rent ranges

Under $500
$501 - $700
$701 - $1000
$1,001 - $1,500
$1,501 - $2,000
Over $2,000

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**

Renter occupied housing units 135,784
Owner occupied housing units 94,975

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**

No bedrooms 8,186
1 bed 33,991
2 beds 53,117
3 beds 32,177
4 beds 6,900
5 or more beds 1,413

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**

15 - 24 years 14,944
25 - 34 years 40,317
35 - 44 years 26,758
45 - 54 years 19,418
55 - 59 years 9,002
60 - 64 years 9,036
65 - 74 years 10,750
75 - 84 years 3,636
85 years and over 1,923

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**

Family households 60,109
Non-Family Households 75,675

Milwaukee, Wisconsin Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 41,033
No related children of the householder under 18 94,751

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**

Less than high school graduate 20,225
High school graduate (including equivalency) 40,488
Some college or associate's degree 43,627
Bachelor's degree or higher 31,444

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**

Built 2010 - 2019 6,279
Built 2000 - 2009 5,035
Built 1990 - 1999 6,240
Built 1980 - 1989 7,186
Built 1970 - 1979 14,658
Built 1960 - 1969 17,150
Built 1950 - 1959 20,856
Built 1940 - 1949 13,205
Built 1939 or earlier 44,908

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**

Moved in 2021 or later 11,652
Moved in 2018 to 2020 48,881
Moved in 2010 to 2017 57,751
Moved in 2000 to 2009 11,240
Moved in 1990 to 1999 3,720
Moved in 1989 or earlier 2,540

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**

No vehicle available 32,313
1 vehicle available 69,969
2 vehicles available 27,020
3 vehicles available 4,805
4 or more vehicles available 1,677

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**

Car, truck, or van - drove alone 93,695
Car, truck, or van - carpooled 13,695
Public transportation (excluding taxicab) 11,502
Walked 6,831
Taxicab, motorcycle, bicycle, or other means 2,242
Worked at home 12,630

Milwaukee, Wisconsin Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 252,323
Moved within same county 44,101
Moved from different county within same state 5,728
Moved from different state 7,079
Moved from abroad 2,120

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

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