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Market Report

Milwaukee Multifamily Market Report

3Q 2022

Supply Additions Reach Eight-Year Low, Fortifying
Demand for Rentals Amid Homeownership Barriers

Metro fundamentals warrant additional construction. The expected number of new multifamily units for 2022 is set to be the lowest since 2014 at 1,700 new doors. This decrease in deliveries will support continued demand as accelerated job creation boosts Milwaukee's renter pool. Having a Class A vacancy rate of 2.7 percent in the second quarter, its lowest point since 2013 and the country's second lowest among major markets, this tightness will allow annual rent growth to more than double the historic average. Additionally, historically low vacancy presents heightened demand being countered by over 3,600 units in the current pipeline, which should be well received via quick lease-up.
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