Median rents, rental comps, and market trends across 15 zip codes in Milwaukee, WI.
Affordable Midwest city with solid manufacturing and healthcare employment. Close enough to Chicago to catch some spillover demand, far enough to avoid the Cook County tax bill. That's not nothing.
Median Asking Rent
$1,251
Rent Change (YoY)
-1.7%
Avg Days on Market
60
Active Rental Listings
1,495
Median List Price
$199,000
Average across 15 zip codes
ZIP | Median Rent |
|---|---|
| 53211 | $1,475/mo |
| 53202 | $1,450/mo |
| 53207 | $1,450/mo |
| 53213 | $1,439/mo |
| 53214 | $1,298/mo |
| 53209 | $1,225/mo |
| 53204 | $1,200/mo |
| 53221 | $1,199/mo |
| 53212 | $1,150/mo |
| 53205 | $1,095/mo |
| 53216 | $1,050/mo |
| 53208 | $1,025/mo |
| 53210 | $1,000/mo |
| 53215 | $995/mo |
| 53206 | $950/mo |
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| Unit Size | Median Rent |
|---|---|
| Studio | $738/mo |
| 1 Bedroom | $950/mo |
| 2 Bedroom | $1,100/mo |
| 3 Bedroom | $1,500/mo |
| 4 Bedroom | $1,773/mo |
Aggregated median across all Milwaukee zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 53211 | $480,000 |
| 53213 | $399,900 |
| 53202 | $329,999 |
| 53207 | $325,000 |
| 53221 | $289,999 |
| 53214 | $259,000 |
| 53215 | $225,000 |
| 53212 | $199,000 |
| 53204 | $190,000 |
| 53208 | $180,000 |
| 53216 | $169,900 |
| 53210 | $164,900 |
| 53209 | $155,000 |
| 53205 | $117,700 |
| 53206 | $82,700 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,540/mo |
| 1 Bedroom | $1,680/mo |
| 2 Bedroom | $2,010/mo |
| 3 Bedroom | $2,480/mo |
| 4 Bedroom | $2,680/mo |
Fair Market Rents are published annually by HUD for the Milwaukee metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Milwaukee, WI is currently $1,251/month, based on active rental listings across 15 zip codes. Median asking rents have decreased by -1.7% over the past 12 months.
Asking rents vary significantly across the city. ZIP 53211 has the highest median asking rent at $1,475/month, while ZIP 53206 comes in at $950/month.
Rental listings in the area spend an average of 60 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Milwaukee metro area is $2,010/month. Current median asking rents are near or below the FMR for this area.
Milwaukee is one of those Midwest cities that investors are starting to pay more attention to. It's significantly cheaper than Chicago but close enough to benefit from people who want a lower cost of living. The Third Ward, East Side, and Bay View are premium. The northwest side and the far south side are more affordable. Major employers include Northwestern Mutual, Rockwell Automation, and several healthcare systems. Property taxes in Wisconsin can be high, so factor that into your analysis. The market isn't going to give you explosive growth, but the entry points are low, the demand is stable, and the cash flow can work. It's a solid market for investors who are comfortable with Midwest dynamics.
Want to look up rental comps and rent estimates for a specific property in Milwaukee? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Milwaukee, WI. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.