MARKET SNAPSHOT

Milwaukee q3 2025

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AVERAGE RENT

$1,441 Q3 2025

OCCUPANCY RATE

96.3% Q3 2025

NET ABSORPTION

2,931 YTD Q3 2025

ANNUAL RENT CHANGE

1.8% Q3 2025

ANNUAL OCCUPANCY CHANGE

+20 BPS Q3 2025

UNIT COMPLETIONS

2,306 YTD Q3 2025

KEY TAKEAWAYS
Milwaukee area renters absorbed nearly 1,000 units in Q3 2025, ranking as the second-highest third-quarter total in the past decade.
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New supply slowed sharply in Q3, with just 285 units delivered—the lowest quarterly total since 2018—as a thinner pipeline and slower project starts limit completions.
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Rent growth held positive at 1.8% year over year, outpacing the national average as Milwaukee’s stable fundamentals support steady performance amid a cooling national trend.
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MARKET OUTLOOK

Milwaukee’s multifamily market enters late 2025 on solid footing, supported by high occupancy, steady demand, and a tapering development pipeline...

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