Milwaukee rents and rental comps

Name: Milwaukee, WI rental market data
Creator: PropMetrics

The median asking rent across 20 Milwaukee zip codes is $1,285/month, up 0.0% from a year ago.

Affordable Midwest city with solid manufacturing and healthcare employment. Close enough to Chicago to catch some spillover demand, far enough to skip the Cook County tax bill. Not nothing.

Median Asking Rent

$1,285

Rent Change (YoY)

+0.0%

Avg Days on Market

Active Rental Listings

2,011

Median List Price

$221,850

Median Asking Rent Over Time

Average across 20 zip codes

12 months+4.3%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
53213	$1,525/mo	+9.1%	$1.81	69	80
53221	$1,525/mo	-4.7%	$1.48	54	43
53211	$1,500/mo	-11.5%	$1.55	76	316
53202	$1,495/mo	-9.4%	$2.15	75	291
53207	$1,495/mo	-6.3%	$1.60	57	75
53222	$1,300/mo	+13.0%	$1.37	32	48
53223	$1,298/mo	-0.2%	$1.43	94	27
53214	$1,250/mo	+11.1%	$1.54	49	74
53218	$1,250/mo	-7.4%	$1.38	27	89
53209	$1,225/mo	+2.1%	$1.30	43	100
53204	$1,200/mo	+29.7%	$1.73	67	81
53212	$1,195/mo	-0.4%	$1.43	59	199
53208	$1,100/mo	-7.9%	$1.12	57	104
53210	$1,100/mo	-4.3%	$1.04	54	109
53216	$1,100/mo	0.0%	$1.17	32	82
53220	$1,099/mo	-8.4%	$1.47	67	43
53205	$1,062/mo	+1.1%	$1.08	57	18
53215	$995/mo	0.0%	$1.22	57	64
53206	$975/mo	-7.1%	$1.00	78	106
53219	$940/mo	+2.2%	$1.42	44	62

Comps for any address in Milwaukee

Type the address, get the comps. No setup.

Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$860/mo	$2.36/sqft
1 Bedroom	$938/mo	$1.48/sqft
2 Bedroom	$1,250/mo	$1.40/sqft
3 Bedroom	$1,500/mo	$1.24/sqft
4 Bedroom	$1,745/mo	$1.40/sqft

Aggregated median across all Milwaukee zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
53211	$474,900	-8.5%	$223.67
53213	$419,900	+2.4%	$233.80
53207	$340,000	+0.0%	$238.03
53202	$329,900	-10.8%	$266.85
53220	$314,900	+1.9%	$215.17
53221	$279,900	-0.0%	$203.98
53222	$275,000	+6.2%	$192.41
53219	$274,900	0.0%	$204.00
53214	$260,000	+0.4%	$203.67
53212	$223,700	-2.7%	$131.42
53215	$220,000	-3.9%	$138.57
53208	$199,900	-4.8%	$102.66
53204	$198,900	-0.5%	$117.02
53223	$189,000	-10.0%	$134.79
53205	$175,000	+16.7%	$107.62
53210	$169,900	-2.9%	$95.88
53218	$160,000	-11.1%	$139.70
53216	$159,900	-5.9%	$121.75
53209	$149,900	-5.5%	$128.47
53206	$84,400	-14.3%	$56.31

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$1,540/mo	$860/mo	-44%
1 Bedroom	$1,680/mo	$938/mo	-44%
2 Bedroom	$2,010/mo	$1,250/mo	-38%
3 Bedroom	$2,480/mo	$1,500/mo	-40%
4 Bedroom	$2,680/mo	$1,745/mo	-35%

HUD publishes Fair Market Rents once a year for the Milwaukee metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.

About the Milwaukee rental market

The median asking rent across Milwaukee, WI sits at $1,285/month, pulled from active rental listings in 20 zip codes. That's up 0.0% from a year ago.

Rents aren't uniform across the city. ZIP 53213 tops the list at $1,525/month. ZIP 53219 comes in lowest at $940/month. That's a 62% spread between the top and bottom zip codes, which is wide. City-wide averages won't tell you much about a specific property here.

A 2-bedroom rents for $1,250/month at the median. 1-bedrooms run about $938. 3-bedrooms come in around $1,500.

Listings take longer here. The average is 57 days on market, which gives renters more room to negotiate and means landlords should price carefully.

Rent-to-price math is tight in Milwaukee. The gross figure sits at about 6.9% ($1,285/month against $221,850 median price). Most investors here are betting on appreciation, not monthly cash flow.

HUD's Fair Market Rent for a 2-bedroom in the Milwaukee metro is $2,010/month. Asking rents come in about 36% below the federal benchmark, which can make Section 8 properties competitive here.

Milwaukee is a Midwest market that investors have started to pay more attention to. Significantly cheaper than Chicago but close enough to catch spillover from people who want a lower cost of living. The Third Ward, East Side, and Bay View are premium. The northwest side and far south side are cheaper. Major employers include Northwestern Mutual, Rockwell Automation, and several healthcare systems. Wisconsin property taxes can be high, so factor those into your analysis. No explosive growth here, but entry points are low, demand is stable, and the cash flow can work. Solid market for investors comfortable with Midwest dynamics.

These numbers are city-wide averages. If you're pricing a specific property in Milwaukee, pull comps from the same zip code. The spread is usually bigger than people expect.