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Market Report

Milwaukee Multifamily Market Report

Fourth Quarter 2019

Household Creation Bolsters Rental Demand; Listings Generate Aggressive Offers

Renter demand reinforced by household growth. More households were created in Milwaukee over the past year ended in September than in any annual period since 2003. This spike is largely tied to growth within the education and health services sector, which expanded by 7,000 positions over the past two years and now accounts for 20 percent of the total employment base. Young professionals accepting jobs in these fields are creating new residences, boosting demand for a variety of rental housing options. In Wauwautosa and downtown Milwaukee, several med-tech employers are hiring high-wage workers, strengthening luxury housing demand there. Metrowide, residences are being formed as educators, hospital staff and other working-class individuals accept job offers. With luxury rents often out of reach, Class B/C demand has been enhanced. Particularly, apartments built in the 20th century have been more affordable options for these tenants, and vacancy within this tranche has receded..

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