Milwaukee, Wisconsin can be best known for beer and Brats, but these days are serving something else in high questions: apartments.
Formerly a dormant city on the shore of Lake Michigan is now one of the most competitive markets in the country.
According to Rentcafe, approximately 94% of rental units in Wisconsin’s largest city were occupied in early 2025. With an average of the next eight tenants competing for each apartment and 70.1% of tenants choosing to renew their rents, they were required of remote supply.
“You may not think about Milwaukee as hot, hot, hot, but that’s what his apartment market is now,” said Suzanne Powers, mediator-owner of Powers Realty Group, Inc. for The Wall Street Journal.
Renting rabies is a concert of steady work of factors from companies such as Northwestern mutual and Rockwell Automation, a cost that remains relatively affordable and a lifestyle that offers big city culture without the chaos of the big city.
However, these benefits come with increased pain.
“The lack of new supply is what makes Milwaukee a hot market for rent,” said Chad Venne, director of the real estate program at the University of Wisconsin-Milwaakee for The Journal.
Building houses with a single family and stimulated buildings during the 2008 financial crisis and never returned to previous levels, Venne said.
While the development of apartments chose between 2013 and 2019, today’s high interest rates and construction costs have inhibited new projects, especially for middle -income tenants.
“No one can understand how to build for people in the middle, who represent the largest percentage of the population,” he added.
As a result, potential buyers are remaining tenants, keeping pressure on an already narrow market. The average lease in Milwaukee reached $ 1,541 in February 2025, an increase of nearly 30% by five years ago. The average unit size is 849 square meters.
Nearly 60% of households in Milwaukee are rented for rent, with only 42% having their homes, according to Rentcafe. But they are not just young professionals who stimulate the question.
“It’S’S is a proverbial blockage of demographics traffic,” said Robert Monnat, old partner in Mandel Group based in Milwaukee, Inc. for The Journal.
Millenniums with homeownership priced, General Z’s newcomers enter the market and pensioners diminish as they hold a foundation in the city, everyone is competing for the same limited action.
Developers who feed on high -level tenants are seeing a strong return.
“Milwaukee is home to four of the top five towers in Midwest, excluding Agoikagon, with the highest rents required for square foot,” said Sheldon Oppermann, CFO and General Advisor to New Land Enterprises.
Searching for high -level buildings now hangs between 3.50 and $ 3.90 per square foot, he said.
Among the most sought after buildings in the city center is 7seventy7, a 34-storey tower developed by Northwestern Mutual with luxury apartments including 24 floors.
Another is the climb, a 25-story structure certified as the world’s tallest wood building when it was opened in 2022.
Tenants are also withdrawn in the third historic neighborhood, a former surrounding of warehouses now buzzing with fun and eating.
The facilities race is on the full screen. On ASCENT, a penthouse unit offers wood interiors, smart technology and panoramic view of Michigan Lake. Residents share a pool of drawn glass walls and a bar on the roof. At 7seventy7, offorings include a golfire, a peloton studio, a dog run and a pet bath.
However, for all his momentum, the future of city shelter remains uncertain.
“It will take a few years for all this to be released – the price of death, restoring the market value of existing houses for sale,” Monnat said, adding, “I believe the transition will be regular, give us that we are not overloaded.”
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Image Source : nypost.com