Market Report
Milwaukee Multifamily Market Report
2025 Investment Forecast
Improved Hiring Aids Class A Outlook;
Local Investors Propel Market Amid Slowed Deal Flow
Steady employment gains and record completions shape multifamily dynamics. Milwaukee is projected to add 6,000 jobs in 2025 — the most since 2023 — increasing apartment demand, particularly in the urban core. Record-high single-family house prices have lifted home price-to-income ratio above the national average after falling below it a decade ago and are keeping home buyers in the rental market longer, especially among higher-income renters. At the same time, Class A construction has hit its highest level since at least 2009, raising segment vacancy to the 5 percent threshold entering this year. Although this has shifted Milwaukee from the third-tightest U.S. market in 2024 to the tenth in 2025, overall metro vacancy remains relatively low. Robust multifamily development along the Interstate 94 corridor, where major employers like Amazon and Microsoft have facilities, caters to a broad range of incomes. Meanwhile, because Downtown has solidified itself as a preferred location for companies like Milwaukee Tool and Northwestern Mutual, it is attracting younger talent, sustaining demand across all tiers.
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