Milwaukee, WI

Market Update

Milwaukee's population has shown a steady increase, reaching approximately 1.57 million in the fourth quarter of 2026, marking a year-over-year growth of about 0.9%. This upward trend follows a slight decline in the previous years, indicating a potential stabilization in the local demographic landscape. The region has experienced net migration of nearly 21,867 individuals, contributing positively to the labor market, which boasts an employment figure of 807,075 and an unemployment rate of 3.8%. The median household income stands at $77,919, with a renter share of 39.2%, suggesting a solid demand for housing in the area.

In the multifamily sector, the HUD Fair Market Rent for a two-bedroom unit is set at $1,771, which serves as a benchmark typically below market asking rents. The median gross rent in Milwaukee is currently $1,177, reflecting a year-over-year rent growth of about 4.2%. This growth indicates a moderate level of momentum in the rental market, although the affordability of housing remains a concern, particularly as asking rents for two-bedroom units are significantly higher than the Fair Market Rent benchmark.

Capital market activity over the trailing 24 months has seen 1,463 transactions with a total volume of approximately $648.7 million, resulting in a median price per unit of $110,000. The multifamily cap rate is currently at 7.2%, which is roughly 16 basis points wider than the national median of 7.04%. This positioning suggests a relatively stable investment environment, although the market's median price per unit is about 45% lower than the national benchmark. As reported by CBRE Research, the multifamily sector is expected to maintain its resilience, supported by ongoing population growth and employment stability.