Momentum Brewing Among Milwaukee Apartments

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%.