Milwaukee Multifamily Market Report
2024 Investment Forecast
Milwaukee Poised to Garner Additional Investment
Interest Amid Strong Performance Metrics
Sustained tight conditions spur nationally fast pace of rent growth. For the third straight year, vacancy in Milwaukee will stand below every major market across the country except New York. Below-average, single-family home construction starts and higher mortgage payments are enabling this feat, directing more residents to rental units. The Downtown-Shorewood and Waukesha County areas exhibited the strongest absorption momentum entering this year. Notable corporate relocations, such as Baker Tilly and Rite-Hite Holding Corporation, as well as solid Class B/C office occupancy, are helping direct renter demand downtown across all multifamily class tiers. Out west, Waukesha County’s strong industrial warehousing and distribution presence is supporting remarkably tight Class C vacancy, a trend that is also observed in the mid-tier segment. A muted delivery slate further contributes to the metro’s nationally tight conditions, as renters are given fewer new apartment options than in 2023. These dynamics result in Milwaukee’s annual pace of rent growth exceeding all other major markets across the country in 2024.