Milwaukee is an apartment market where rent growth is typically muted. But that began to change in February 2019, when apartment rents in Milwaukee increased at a faster pace than the national average for the first time since mid-2013. While Milwaukee’s rent growth pace has remained above the U.S. average for the past seven months, levels have fluctuated. The 4.2% increase in July was a seven-year high. In August, rent growth dipped to 3.7%. However, that level was still very strong for this market which averaged rent increases of just 2.2% annually over the past five years, well below the national norm of 3.7% during that period. Meanwhile, occupancy in Milwaukee has remained above the U.S. average for six years, with the market recording an August 2019 rate of 97.2%.
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