Rent Growth Ramps Up in Milwaukee

  in   Insights

After seven quarters of annual rent increases of roughly 1% to 1.5%, rent growth in Milwaukee picked up at the end of 2018 and climbed even further in early 2019. In the year-ending 1st quarter 2019, rents in the market jumped 3.2%, a five-year high. By comparison, over those five years, annual rent growth averaged 2.0%. Meanwhile, despite some quarter-to-quarter fluctuations, occupancy has remained solid at primarily 96% to 97% over the past five years. In 1st quarter 2019, occupancy in Milwaukee measured 96.6%. The improved rent growth levels come despite new supply in Milwaukee remaining above the historical norm. In the year-ending 1st quarter 2019, inventory expanded 1.8%, in line with the average over the past two years, but well above the 10-year average of 1.0%.