Vacancy rates in Milwaukee’s multi-family sector will continue to fall this year. And that’s not the end of the good news: Building owners should also see both asking and effective rents rise in 2011.
This positive news comes from the 2011 Milwaukee apartment forecast by Marcus & Millichap.
According to the report, the vacancy rate among multi-family properties in Milwaukee should fall 50 basis points to 4 percent. This follows a drop of 60 basis points in 2010.
At the same time, the Marcus & Millichap report predicts that a rise in occupancy levels will allow operators to increase asking rents by 2 percent in 2011 to an average of $830 a month. Effective rents this year should jump 2.4 percent to an average of $800 a month. Concessions will drop to an average of 13 days of free rent, the lowest in a decade, according to Marcus & Millichap.
