Luxury apartment high-rises make a splash in Milwaukee's slow and steady real estate scene
The Milwaukee real estate market’s smooth, calming stability is touted over and over again.
The popular wisdom is that around here we’re less likely to catch a construction mania that brings big bumps to the amount of office space looking for tenants or apartments seeking renters. Because of that, vacancy rates don’t have surprise leaps, and rents generally increase at a slow pace compared with bigger cities, if at all.
It’s against that mindset that developments including the Ascent and Couture are advancing to bring more than 1,000 high-end luxury apartments to the area in coming years. That’s more than three times what’s here now. These buildings go beyond the typical Class A apartment, offering big amenity packages, high-rise living and demanding higher rental rates for each square foot of space.
See the Friday weekly edition of the Milwaukee Business Journal for an in-depth story of how locals are reacting to these signature developments, their developers' analysis of the local luxury apartment demand, and what they mean for the community's future.
The Milwaukee apartment market has been steady over the long term, said Matthew Whiteside, senior managing director of investments and an executive director of the Multi Housing Division of real estate firm Marcus & Millichap.