MILWAUKEE — Apartment rents are rising in Milwaukee as nationwide rents have leveled off and decreased, according to our partners at the Milwaukee Business Journal.
The latest data from the online listing service Apartment List found Milwaukee among the top five large U.S. cities for month-over-month rent growth in January.
According to BizJournal, nationwide and locally, rent prices increased in 2021 and in the first half of 2022. After the Fed hiked interest rates in the second half of 2022, rent prices decreased. However, BizJournal reports that Milwaukee's median rent is still about 26% below the national median, but the city's rent prices began to rise last month while U.S. rents as a whole stayed relatively flat.
Apartment List data shows Milwaukee's median monthly rent was $996 in January. That is nearly 1% up compared with December and around 4% up year-over-year. The city's median monthly rent for a one-bedroom unit is $822 and $998 for a two-bedroom unit. The data also shows that rent in Milwaukee is up 11% since the beginning of the Covid-19 pandemic in March 2020.
According to BizJournal, the median rent was $1138 in January nationwide, which was down 0.3% compared with December and up 3.3% year-over-year.
