The average apartment rental rate in the metro Milwaukee area has risen 15.5% since the first quarter of 2020 to $1,370 in the first quarter of 2024, according to a report from commercial real estate firm
CBRE utilizing data from
CoStar Group.
Apartment rents in the Milwaukee area are up 2.6% year-over-year, according to the report.
The metro Milwaukee apartment market has an occupancy rate of 95%, according to the report.
Several recent national reports have indicated that the metro Milwaukee apartment market is one of the tightest in the nation. The Milwaukee apartment market is the second-most competitive in the nation, according to a
March report from Santa Barbara, California-based RentCafe. According to
a report from Forbes, Milwaukee has the nation’s fifth most competitive rental market.
Here is a breakdown of metro Milwaukee first quarter apartment average rents by submarket, according to the CBRE report:
- Southern Ozaukee County: $1,725
- North Shore: $1,670
- Downtown Milwaukee: $1,610
- Eastern Waukesha County: $1,506
- Brown Deer: $1,486
- Outlying Waukesha County: $1,455
- Wauwatosa/West Allis: $1,411
- Southern Milwaukee County: $1,391
- Shorewood/Whitefish Bay: $1,349
- Washington County: $1,223
- Northern Ozaukee County: $1,182
- South Milwaukee: $1,141
- UWM: $1,086
- Northwest Milwaukee: $1,037
- Central Milwaukee: $1,000
- Marquette/Miller Valley: $703
Here is a breakdown of metro Milwaukee first quarter apartment occupancy rates by submarket, according to the CBRE report:
- Outlying Waukesha County: 98.1%
- Shorewood/Whitefish Bay: 96.8%
- Northwest Milwaukee: 96.6%
- UWM: 96.4%
- Eastern Waukesha County: 96.2%
- Northern Ozaukee County: 96.1%
- South Milwaukee: 96.1%
- Central Milwaukee: 95.7%
- Wauwatosa/West Allis: 95%
- Washington County: 94.9%
- North Shore: 94.8%
- Marquette/Miller Valley: 94.5%
- Downtown Milwaukee: 94.4%
- Southern Milwaukee County: 93.8%
- Southern Ozaukee County: 92.4%
- Brown Deer: 86.1%
