The average housing costs in Milwaukee, WI are at $1,126 each month as of July 2024. This is less than the U.S. average of $1,535 a month¹. The average space for an apartment is 655 square feet. This makes living in Milwaukee a good choice for those wanting space without the high costs¹. Renters saw a 2.6% hike in rent over the last year. This means they pay $30 more every month¹. This info, gathered by CoStar Group, shows Milwaukee as a fairly cheap city for renters in the U.S.

Looking at the Milwaukee rental market reveals a wide range of options. It has places that are both cheap and pricey, depending on the area. If you earn about $45,036 a year, living in Milwaukee will be comfy. Just make sure to spend no more than 30% of your monthly income on rent.

Key Takeaways

• The average housing costs in Milwaukee, WI, are significantly lower than the national average¹.
• Rent prices have increased by 2.6% over the past year, amounting to $1,126 per month¹.
• The average apartment size is a spacious 655 square feet¹.
• Living comfortably in Milwaukee requires an annual income of around $45,036¹.
• Avenues West, Northwest Milwaukee, and South Milwaukee are the most affordable neighborhoods¹.

Overview of Milwaukee's Rental Market

Milwaukee has a variety of rental options for different budgets and ways of life. It is seen as a good place for renters. This city stands out for quickly increasing rents, being second in the U.S. for this rise, with rents going up 4% last year². Still, the yearly rent growth in Milwaukee is -1.2%, a bit less than the national decrease of -1.2%².

In Milwaukee, rental rates vary a lot. For one-bedroom apartments, the prices range from under $500 to more than $2,000 monthly, based on the area³. Near the lake, studios average at $875 per month. Yet, in some areas, studios can be as low as $785³.

The size of an apartment in Milwaukee often decides its rent. Two-bedroom flats can range from around $750 to more than $2,000 in posh areas³. On average, two-bedroom apartments rent for about $1,767 as of September 2023². Studios average at $1,225, while one-bedrooms are typically $1,500 monthly².

Milwaukee also has options for those looking to save money. 39% of rentals are priced between $700 and $1,000 a month. About 20% are even cheaper, under $700 per month, perfect for renters on a tight budget³. For luxury seekers, around 4% of rentals are above $2,000 each month³.

Depending on the neighborhood, rental prices in Milwaukee can change a lot. Yankee Hill has the highest one-bedroom average at $1,815 a month. Walker's Point and Lower East Side follow at $1,675 and $1,672 respectively². For cheaper options, Historical Mitchell Street and Sherman Park have one-bedrooms averaging at $795 and $650².

Current Average Rent Prices in Milwaukee

Knowing the current average rent prices in Milwaukee helps people make smart choices about where to live. In Milwaukee, how much you pay for rent depends on what kind of place you want to live in. This means renters have a variety of options to fit their budget.

Studio Apartments

For those wanting a cozy space, the average studio rent Milwaukee is about $946 a month. These places usually give you 448 square feet to use, which is perfect for people who don't need a lot of space⁴.

One-Bedroom Apartments

Moving up to a bigger option, the average one-bedroom rent Milwaukee costs around $1,126 every month. But, in places like Riverwest, this price can jump to $1,400. This shows how prices can vary based on location⁵.

Two-Bedroom Apartments

If you need more room, the average two-bedroom rent Milwaukee is about $1,429 a month. Two-bedroom places are great for people living with roommates or small families. They offer more space to live comfortably⁴.

Three-Bedroom Apartments

For much bigger spaces, the average rent for Milwaukee three-bedroom apartments sits at roughly $1,925 a month. Choosing a three-bedroom apartment provides lots of space. It's ideal for big families or anyone needing extra room⁴.

Comparing Milwaukee Rent to National Averages

Renting in Milwaukee is a smart choice financially compared to other parts of the US. The city's average rent is $1,126 per month. This is quite lower than the national average, which is $1,987 per month as of March 2024⁶⁷. So, living in Milwaukee costs about 27% less than the US average, making it a great deal for budget-conscious people⁷.

Rent in Milwaukee means you can save money or spend it on other things. This is because housing costs are lower than many other places. For example, while the Midwest's median rent is $1,456, Milwaukee's prices are even better⁶.

Looking at Milwaukee's rent costs shows its advantage for affordable living. For deeper insights into housing costs, check out this detailed rent report⁶.

Trends in Rent Prices Over the Past Year

Milwaukee has seen rent prices go up last year. This is part of a bigger trend in the city and reflects what's happening in the economy and the local housing market.

Monthly Rent Increases

From March last year to this March, Milwaukee's median rent went up by 6.39%. This puts it as the 10th highest among metro areas in the country⁸. Recently, data shows a 1.1% increase in median rent from the month before. Over the past year, rent went up by 4.9%⁴.

This pattern of growth shows the city is keeping up with market demands. On average, rent increases by about $30 every month⁷.

Economic Factors Influencing Rent

Several economic factors in Milwaukee have pushed rent higher. There's a big demand for rental places because of economic growth and changes in housing. Experts say Wisconsin needs to build a lot more housing units by 2030 to meet demand⁸.

From January to June 2024, rent in Milwaukee went up by 2.9%. This increase is faster than the same period last year⁴. These factors help explain why rent is going up in Milwaukee. They show trends and economic points special to this area. This steady rise in rent brings both challenges and chances for renters and investors in Milwaukee's changing market.

Most Affordable Neighborhoods in Milwaukee

If you're looking for affordable living Milwaukee, check out Avenues West, Northwest Milwaukee, and South Milwaukee. These places offer some of the lowest rents in the city. They are perfect for renters wanting to save money but still live near essential services.

Avenues West is known for being close to downtown with lots of activities, but without the high costs. Northwest Milwaukee also gives more housing choices at lower rates. It’s great for families and young pros who need to watch their spending.

In South Milwaukee, there's a good selection of rentals to fit various needs. Lower East Side, Riverside Park, Concordia, Northpoint, and Murray Hill also offer affordable living⁹. Living here means you can have a good lifestyle without breaking the bank. For more info on low-cost neighborhoods in Milwaukee, click on this link⁹.

Milwaukee has 59 cheap apartments available, while Waukesha only has 4⁹. Affordable apartments increased by 1.06% last month. This shows a small rise in available rentals⁹. With 279 affordable apartments, including added perks like storage and parking, renters have many options. There are even 34 pet-friendly places and 27 two-bedroom units available⁹.

The neighborhoods we talked about are great for living affordably and comfortably in Milwaukee. They mix low costs with quality living, making them perfect for budget-wise renters. On average, the rents here are affordable, making it easier for renters to find a good home without spending too much¹⁰.

Most Expensive Neighborhoods in Milwaukee

Milwaukee's top neighborhoods like Historic Third Ward, Juneau Town, and Haymarket are known for luxury. They offer high-end rentals. People looking for elegance and convenience love these areas.

In the Historic Third Ward, renters find a mix of old charm and new comforts. It has luxury apartments and condos. It's one of Milwaukee's priciest areas⁷.

Juneau Town offers beautiful river views and is close to Downtown. It's perfect for those wanting luxury living and easy access to fun places. It's a top spot for fancy rentals in Milwaukee⁴.

Haymarket attracts people with its trendy feel and lively setting. Here, you'll find cool lofts and stylish apartments. It's chosen by those seeking a high-end lifestyle in Milwaukee⁴.

These neighborhoods stand out for their opulent living conditions. They provide high-end surroundings that explain the premium rental costs. People wishing for a sophisticated life and city conveniences prefer these areas⁷

Neighborhoods with the Most Rentals Available

Milwaukee has many neighborhoods with loads of apartments ready to be rented. Downtown Milwaukee, Historic Third Ward, and South Milwaukee shine for their rental options. The Downtown area is very walkable, making it great for those who like to explore by foot.

Apartment searching in Milwaukee hits its peak during late summer. By September, things start to calm down. If you're looking to move, that's the best time to search. The Historic Third Ward is known for its culture and arts. It offers trendy lofts and modern apartments, attracting creatives and those wanting a lively community.

South Milwaukee is great for people wanting peace but still close to the city vibe. Also, Milwaukee's love for sports like Brewers' baseball and Bucks basketball adds excitement to living here¹¹.By understanding the rental market trends, you can find a great place in these neighborhoods. They offer many apartments and a rich living experience to suit different tastes.

Factors Affecting Affordability of Rent in Milwaukee

In Milwaukee, the cost of rent is rising. To afford average rent of $1,120, you need a monthly income of about $3,753. This is equal to earning $45,036 a year¹². Experts suggest spending no more than 30% of income on rent¹³.

Income and Salary Considerations

Renters dealing with Milwaukee's competitive market must watch their budgets. The median rent has jumped to $1,200, a $100 increase¹². It's crucial to be careful with finances. With a median household income of $38,289¹², many find it hard to keep up. Over half of the renters spend more than a third of their income on housing¹³.

In majority Black neighborhoods, 70% of families experience high rent burdens¹³. This highlights a big issue with income and housing affordability.

Additional Monthly Expenses

There's more than just rent to consider in Milwaukee. Costs like utilities and transportation affect budgets. For example, a 10’x10′ storage space costs an average of $114.24 monthly¹². Rising construction costs and limited housing add to the challenge¹².

Efforts like Growing MKE are working towards affordable housing solutions¹². Milwaukee County has invested over $15 million to help since 2022¹⁴. This shows a strong push for more affordable living options.

Property Management Companies in Milwaukee

In Milwaukee, people looking to rent have good companies to pick from. Harmoniq Residential, Wimmer Communities, and Joseph Property Development offer great services. They also have many types of homes to choose from.

Harmoniq Residential

Harmoniq Residential gives renters top-notch properties and service. Expect easy rent payments, help with upkeep, and regular property checks. This company is known in Milwaukee for focusing on making residents happy.

Wimmer Communities

Wimmer Communities stands out among Milwaukee rental firms. They manage many properties, from fancy apartments to homes that are easy on the wallet. Their standout tenant services include quick fixes and flexible lease options. This makes them a popular choice for renters.

Joseph Property Development

Joseph Property Development focuses on lively and diverse living places. They have modern apartments and quiet houses. Their services make renting smooth and worry-free.

Others

Renters also have other good options in Milwaukee. For example, Renters Warehouse Milwaukee offers great services like finding tenants, collecting rent, and upkeep help¹⁵. They set their rent prices at a medium rate of $1,488¹⁵. Pennybag is another good choice, known for top reviews and wide-ranging services. This includes remodeling, fixing up places, and clearing snow¹⁶.

Overall Cost of Living in Milwaukee

Living in Milwaukee might mean spending a bit more than the country's average. The city's whole living cost is just a tiny bit, 1%, above what most Americans pay¹⁷. When moving here, it's smart to look at all things that add to your bills.

Goods & Services

In terms of shopping and services, Milwaukee holds its own. It's slightly cheaper here by 1% for everyday needs like eating out and haircuts¹⁷. This area covers a lot of what we use day to day.

Groceries

For groceries, Milwaukee is right on par with the rest of the country¹⁷. This means the cost for food and basics matches what people pay elsewhere in the US.

Health and Healthcare

Healthcare costs here stand out because they're quite high. They are 14% more than what others pay across the US¹⁷. This includes all medical services and insurance.

Transportation and Utilities

Milwaukee's transport costs are easier on the wallet, being 4% less than the national figure¹⁷. The city offers good public transport with its 44 bus lines¹⁷. Unlike transportation, utility bills are higher by 8%¹⁷. This can really affect your budget, especially with Milwaukee's heavy winter snowfall of 49 inches¹⁷.

Recommendations for Renters: Tips and Tricks to Save Money in Milwaukee

Living cheaply in Milwaukee is possible with a few smart moves. Choosing the right neighborhood is key. Look for areas with cheaper rents. Usually, places with lower home prices have more affordable rents.

Having roommates can also cut down your costs. You can share rent and utilities. This way, you split the monthly bills. For example, Milwaukee's average rent is $1,621. Sharing helps make living more affordable¹⁸.

Another way to save is by using public transport. In Milwaukee, getting around this way costs less than the U.S. average. This makes it cheaper than owning a car¹⁸.

Before you sign a lease, do your homework. Look at many places and compare them. Don't forget to check the web for opinions. Think about the cost of furniture and moving too¹⁹.

Buying furniture from online markets or thrift shops is cheaper than big stores. This strategy saves money instead of shopping at IKEA or Wayfair²⁰.

Talking about lease terms can save you cash. Ask for lower rent or fixes before you move in. These little talks can lower your costs over time.

Finally, knowing Milwaukee's rental market is crucial. With living costs up by 3.5 percent last year¹⁸, finding affordable rent is important. This helps battle the increasing expenses.

Conclusion

Milwaukee offers rents that most people can afford. It shows rents slowly going up because of different financial reasons. Yet, they are still manageable for many who live there. Milwaukee County has a lot of renters and special economic situations. This makes it a good choice for those looking for an affordable place to live²¹.

Even though costs differ by neighborhood, many find the rent high. It's wise to keep an eye on the market. Companies like Harmoniq Residential and Wimmer Communities can help. When thinking about how much it costs to live somewhere, don't forget to consider other expenses. These include things like groceries, healthcare, and getting around the city²¹.

If you want to rent in Milwaukee, weigh all these factors carefully. This helps make choices that are good for your budget and your way of living. Getting advice from experts about finances, insurance, or legal issues is a smart move. For more info on rent across the country, check out this source²¹.

FAQ

What's the average rent in Milwaukee, WI?

As of July 2024, you'd pay around $1,126 every month to live in Milwaukee. This is much less than the US average, which is $1,535 a month.

How does Milwaukee's rental market compare to national trends?

Living in Milwaukee could save you money. Its rental prices are 27% lower than what most Americans pay. This savings could go towards other bills or into your savings account.

What are the current average rent prices for different apartment sizes in Milwaukee?

- Studio Apartments: $946 monthly, 448 sq ft on average.- One-Bedroom Apartments: $1,126 monthly.- Two-Bedroom Apartments: $1,429 monthly.- Three-Bedroom Apartments: $1,925 monthly.

What rent trends have been observed in Milwaukee over the past year?

Milwaukee's rent went up by 2.6% last year. Each month, renters found themselves paying about $30 more. This change is linked to growing demand and the city's economic upturn.

Which neighborhoods in Milwaukee are the most affordable?

If you want to save money, check out Avenues West, Northwest Milwaukee, or South Milwaukee. These areas offer the best deals for renters on a budget.

Which neighborhoods in Milwaukee are the most expensive?

For a splash of luxury, head to Historic Third Ward, Juneau Town, or Haymarket. Here, prime locations and upscale living come with a heftier price tag.

Where can renters find the most abundant rental availability in Milwaukee?

You’ll find the most options in Downtown Milwaukee, Historic Third Ward, and South Milwaukee. These areas offer a range of living styles to suit different tastes.

What factors affect the affordability of rent in Milwaukee?

What you can afford in Milwaukee depends on your income, extra monthly costs like utilities, and the city's overall cost of living.

What are some reputable property management companies in Milwaukee?

Looking for a place? Try Harmoniq Residential, Wimmer Communities, or Joseph Property Development. They manage various rental properties across Milwaukee.

What is the overall cost of living in Milwaukee like?

Living in Milwaukee costs about 1% more than the US average. While things like goods & services are cheaper, healthcare is 14% pricier. Groceries are the same as the US average, transportation is less expensive by 4%, and utilities cost 8% more.

What tips and tricks can renters in Milwaukee use to save money?

To save money, you might pick cheaper neighborhoods, share a place, use public transport, look around well before renting, and try to get better lease terms.

Source Links

1. Residential Rent Statistics for Milwaukee Wisconsin - https://www.deptofnumbers.com/rent/wisconsin/milwaukee/
2. Milwaukee has second fastest rising rent in the U.S. Here's a cost breakdown of rent by neighorhood - https://www.jsonline.com/story/money/business/2023/10/02/which-milwaukee-neighborhoods-have-the-cheapest-most-expensive-rent/70990105007/
3. 100 Best Apartments In Milwaukee, WI (with pictures)! - https://www.apartmentlist.com/wi/milwaukee
4. Average Rent in Milwaukee, WI & Rent Price Trends - https://www.apartmentlist.com/rent-report/wi/milwaukee
5. Average price for rent is skyrocketing in Milwaukee, one neighborhood is up 82% - https://www.tmj4.com/news/local-news/average-price-for-rent-is-skyrocketing-in-milwaukee-one-neighborhood-is-up-82
6. Milwaukee and Wisconsin saw some of the fastest-rising rent prices in the U.S. this year - https://www.jsonline.com/story/money/business/2024/04/23/milwaukee-has-some-of-the-fastest-rising-rents-in-the-u-s-data-shows/73368936007/
7. Average Rent in Milwaukee, WI - Latest Rent Prices by Neighborhood - https://www.apartments.com/rent-market-trends/milwaukee-wi/
8. Rents in Wisconsin — specifically Milwaukee — among the fastest rising in the nation - https://www.wpr.org/news/rent-wisconsin-milwaukee-fastest-rising-in-nation
9. Cheap Apartments in Milwaukee, WI - https://www.rentable.co/milwaukee-wi/cheap-apartments-for-rent
10. Cheap Apartments for rent in Milwaukee WI - 672 Rentals | Apartments.com - https://www.apartments.com/milwaukee-wi/cheap/
11. Apartments for Rent in Milwaukee, WI - https://www.rentable.co/milwaukee-wi
12. Complete House Renting Guide For Milwaukee, WI - 2024 - Ark7 - https://ark7.com/blog/learn/cities/complete-house-renting-guide-for-milwaukee-wi/
13. The Most Rent-Burdened Midwest City Is in a Key Swing State, Posing Challenges for Biden's 2024 Campaign - https://www.realtor.com/news/trends/rent-milwaukee-biden-swing-state/
14. Milwaukee County pushes for affordable housing in suburbs - https://wisconsinwatch.org/2023/12/milwaukee-county-affordable-housing-suburbs-jobs-workforce-renters/
15. Milwaukee Property Management, Milwaukee Property Managers, Milwaukee Property Management Companies. Performance Asset Management - https://www.pammke.com/
16. 10 Best Milwaukee, WI Property Management Companies | Expertise.com - https://www.expertise.com/business/property-management/wisconsin/milwaukee
17. Moving to Milwaukee? Here Are 13 Things to Know | Extra Space Storage - https://www.extraspace.com/blog/moving/city-guides/things-to-know-about-living-in-milwaukee/
18. The Cost of Living in Milwaukee - https://www.rent.com/blog/cost-of-living-in-milwaukee/
19. Welcome to the Big City Life: A Guide for New Renters - https://www.rentenigma.com/a-guide-for-new-renters
20. First Apartment Basics: Essential Tips for First-Time Renters - https://www.rentenigma.com/first-apartment-basics
21. PDF - https://wispolicyforum.org/wp-content/uploads/2018/08/CostOfLiving_Full.pdf

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