Rent prices in Milwaukee? They might be on the decline, based on the May 2023 report by Apartment List.
Summary
The median rent in Milwaukee fell by 0.7% in April, but prices remain up by 1.7% YOY. Still, Milwaukee’s rent growth in the last 12 months has fallen behind the state average of 5.3% and is similar to the national average of 1.7%.
Rent Growth
Four months into the year, rents in Milwaukee have risen 0.7%–a slower rate of growth compared to what the city was experiencing at this point last year. From January to April 2022, Apartment List reported rents had increased 2.7%.
Let’s Compare
Milwaukee rents decreased 0.7% in the past month, compared to the national rate of 0.5%, ranking No. 96 in month-over-month rent growth in the U.S. Similar rent growth took place in Sacramento, CA (-0.5%) and Gilbert, AZ (-0.7%).
More specifically, the median rent currently stands at $826 for a one-bedroom apartment, $1,002 for a two-bedroom and $1,001 across all bedroom sizes (i.e., the entire market). The median rent across the nation as a whole is $1,162 for a one-bedroom, $1,332 for a two-bedroom and $1,355 across all bedroom sizes, based on the report, meaning that the median rent across the metro is 26.1% below the national and similarly priced to that you’d find in Birmingham, AL ($1,043) and Cincinnati, OH ($986).
