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Market Report

Milwaukee Multifamily Market Report

2Q 2023

Historic Delivery Slate Enters High-Demand Areas,
While Suburban Assets Remain Well-Positioned

Urban inventory growth builds on resumed renter demand. Following minimal deliveries in 2021, Milwaukee is welcoming expanded construction after last year’s uptick. Two consecutive years of positive absorption in the CBD helped hold vacancy here below the pre-pandemic mark entering the year. This historically low availability is a boon for 2023’s sizable construction pipeline, of which more than 500 units are added downtown. Increasing use of lower-tier office space in the city center should also benefit the multifamily sector as employers continue to promote hybrid and in-person schedules. Another large portion of the metro’s record delivery pipeline comes in Waukesha County, welcoming more than one-quarter of new units. Despite holding the market’s largest inventory, demand here continues to pressure availability as the rate opened this year at 2 percent.
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