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Market Report

Milwaukee Multifamily Market

2Q 2023

Delivery Slate Enters High-Demand Areas as
Suburban Assets Remain Well-Positioned

Urban inventory growth builds on resumed renter demand. Following minimal deliveries early in the pandemic, Milwaukee is welcoming expanded construction after 2022’s uptick. Two consecutive years of positive net absorption in the CBD, which continued in the first quarter of 2023, helped hold local vacancy below 5 percent entering April. This momentum supports 2023’s sizable construction pipeline, with more than 600 units headed to the urban core. Increasing use of lower-tier office space downtown should also benefit the multifamily sector as employees seek housing near workplaces. Another large portion of the metro’s delivery pipeline is in Waukesha County, welcoming more than one-fourth of Milwaukee’s new units this year. Despite holding the market’s largest inventory, strong demand kept local vacancy at just 2.0 percent entering April.

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