Milwaukee Multifamily Market Report
Population Projections Indicate Suburban Strength is Sustainable, Even as Urban Core Headwinds Fade
An aging populace will influence demand trends. Over the next five years, Milwaukee’s resident count is expected to grow, but the age 20-34 cohort is expected to decrease by roughly 16,000 people. A decline in rental demand is unlikely, even as Millennials age into the typical home-buying life stage. The sharp lift in home prices during the pandemic and rising mortgage rates could make ownership difficult in the years to come. Milwaukee’s sub-2 percent rental vacancy in the first quarter of 2022 is evidence that these trends are materializing. Residents ages 35 and older are increasingly choosing apartments. At the same time, preferences among this group may differ from the younger cohort. Larger units and outdoor areas hospitable for children and pets could be a priority for more renters, turning eyes to the suburbs, especially those with top school districts.