MARKET SNAPSHOT

Milwaukee q1 2025

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AVERAGE RENT

$1,427 Q1 2025

OCCUPANCY RATE

95.8% Q1 2025

QUARTERLY NET ABSORPTION

497 Q1 2025

ANNUAL RENT CHANGE

1.8% Q1 2025

ANNUAL OCCUPANCY CHANGE

-40 BPS Q1 2025

QUARTERLY COMPLETIONS

1,226 Q1 2025

KEY TAKEAWAYS

Demand remains strong, with over 1,900 units absorbed in the past year—driven by upper- and mid-tier rentals and supported by new household formation and limited homeownership options.

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The construction pipeline is shrinking—falling from a high of 5,000 to 2,300 units—as rising costs challenge new construction. Developers are shifting to larger, high-end projects, though some suburbs are restricting development with prohibitive zoning.

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Occupancy and rent growth remain solid, with 95.8% occupancy and rent increases exceeding the national average, particularly in suburban submarkets, while urban cores with heavy new supply continue to lag.

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MARKET OUTLOOK

Looking ahead, the Milwaukee multifamily market is poised for tightening conditions as new supply is expected to decline significantly in response to heightened development costs and restrictive zoning in some submarkets...