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Market Report

Milwaukee Multifamily Market

2Q 2024

Milwaukee on Track to Maintain the Nation's Third
Tightest Vacancy, Despite Slower Start to the Year

Both supply and demand are cooling down. Milwaukee entered 2024 as one of just three major markets in the U.S. with a vacancy rate of 4 percent or lower; however, local momentum is easing. Net absorption from January through March 2024 fell under 50 units, the softest first quarter for apartment demand since 2014. That slowdown produced a modest 20-basis-point quarterly vacancy increase, with upward pressure partially counterbalanced by a reduction in new supply. Fewer than 400 units opened from January through March 2024, which is roughly two-thirds of the first quarter average spanning the past five years. This dynamic foreshadows expectations for the remainder of 2024. Net absorption will dip to the third-lowest annual total in a decade, but completions also slide below the trailing 10-year average. The resulting vacancy uptick to 4.5 percent keeps Milwaukee as the third-tightest major U.S. market, supporting a rent growth pace that doubles the national average.

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