MARKET SNAPSHOT

Milwaukee q2 2025

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AVERAGE RENT

$1,440 Q2 2025

OCCUPANCY RATE

96.1% Q2 2025

NET ABSORPTION

1,507 H1 2025

ANNUAL RENT CHANGE

1.8% Q2 2025

ANNUAL OCCUPANCY CHANGE

-30 BPS Q2 2025

COMPLETIONS

2,054 H1 2025

KEY TAKEAWAYS

Milwaukee continues to outperform the national trend in rent growth, posting a 1.8% annual increase in Q2 2025—double the U.S. average—thanks to tight occupancies and a manageable supply pipeline, though growth has gradually decelerated from 2.4% in late 2024.

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Multifamily deliveries in Milwaukee surged in early 2025, with over 2,000 units completed—the highest first-half total of the cycle—but a sharp slowdown is on the horizon, as active construction has dropped 50% year-over-year to just 1,750 units as of July.

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With one of the highest occupancy rates in the nation and a shrinking development pipeline, pressure on available units is building in Milwaukee. As lease-ups progress and concessions ease, rent growth is expected to accelerate modestly through the end of 2025—especially in well-located, mid-tier properties.

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MARKET OUTLOOK

Milwaukee’s multifamily market enters the second half of 2025 on solid footing, characterized by high occupancy, steady demand, and a tapering development pipeline...