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Market Report

Milwaukee Multifamily Market Report

Second Quarter, 2019

Construction Can’t Keep Up With Renter Demand; Competitive Bidding for Value-Add Assets Continues

Milwaukee’s recent revitalization attracts young professionals from major nearby metropolitan areas. One of Milwaukee’s main continuing challenges is to retain its millennial population and attract new residents to the market by diversifying its employment base. The improvement of many older neighborhoods is helping attract more renters to the area from other major cities, yet Milwaukee’s apartment inventory remains undersupplied for this new renter demand. The ongoing revitalization of downtown is helping to meet some of the residential needs, but the surrounding areas are having similar issues as well. With the average vacancy rate in the metro closing in on 3.0 percent, the competition for existing units is driving rents higher. Until the market can solve the scarcity in rental housing, the trends will continue and rents will expand further. 

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