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Justin Hoffmann, a real estate agent with Team Hoffmann RE/MAX LAKESIDE, confirms to Realtor.com that thousands of new housing units have sprung up in Milwaukee since 2022, especially in downtown and high-end suburban enclaves.
From a local perspective, "suburban luxury apartments have been overdeveloped in certain corridors," says Hoffmann. "Much of this new inventory targets higher-income renters, creating excess supply at the top of the market."
At the same time, elevated mortgage rates over 6% have kept some potential first-time homebuyers renting longer, but not enough to absorb the surge in expensive units. According to the agent, the surge in vacancies has modestly improved renter leverage, especially in the luxury segment.
In January, the typical rental in Milwaukee had an asking rent of $1,630 per month, up 1.2% compared with the year before.
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