Milwaukee Multifamily Market Report

Demographic shifts shape market dynamics. In a strong start to 2025, Milwaukee’s employment market added 1,700 jobs, most of which came from the health services sector. Population growth during the year ended in March reached its highest level since mid- 2013. The age 20-34 cohort, however, declined by 0.9 percent year over year, while the age 55-plus group posted strong gains. This shift toward an aging population has aligned with heightened suburban housing demand and outperformance in Class B properties. Meanwhile, the metro’s rental inventory increased by 1.9 percent in the trailing 12 months — the largest jump since 2019. Despite the uptick, Milwaukee’s construction remains modest, ranking in the bottom third of major markets for inventory growth over the past six years.