Average Rent in Milwaukee, WI: $1,338/mo

About Rent Prices in Milwaukee, WI

Milwaukee offers Great Lakes access, brewing heritage, and Midwest affordability with big-city amenities. The city provides strong manufacturing base alongside growing healthcare and technology sectors. Festivals, lakefront, and distinct neighborhoods create quality urban experience at accessible prices.

The fair market rent (FMR) in Milwaukee, WI represents the 40th percentile of gross rents for standard quality rental housing. This data is published annually by the U.S. Department of Housing and Urban Development (HUD) and is used for various housing programs including Section 8 vouchers. As of 2025, the median rent for a 2-bedroom apartment is $1,338 per month.

Rent by Apartment Size in Milwaukee, WI

The Milwaukee Rental Market

Milwaukee has a very renter-friendly market with low prices and good availability. Wisconsin has no rent control. The city has added new apartments in downtown and the Third Ward. Landlords typically require proof of income at 2-3x monthly rent. Competition is low compared to coastal cities.

Neighborhoods in Milwaukee

The Third Ward, Bay View, and Brady Street command premium rents while remaining affordable nationally. Walker's Point has gentrified. Riverwest offers hip character. More affordable areas include the South Side, North Side, and suburbs like Wauwatosa and West Allis. Many neighborhoods near the lake offer good value.

Renter's Guide to Milwaukee

Winter is harsh with heavy snow and extreme cold - verify heating costs and if heat is included. Summer festivals along the lakefront are central to city culture. Breweries are abundant. Public transit exists but car ownership is common. Many apartment buildings are older with character. Start searching 4-6 weeks before moving.

Cost of Living Considerations

Milwaukee offers excellent value with low cost of living. Wisconsin has state income tax but overall expenses are reasonable. Winter heating costs are significant if not included in rent. Car ownership is helpful though buses serve most areas. Beer and local food are affordable. Lakefront and festivals provide entertainment.

Rental Market Trends in Milwaukee

Understanding recent trends helps renters time their apartment search effectively. The Milwaukee, WIrental market has been influenced by population migration patterns, remote work adoption, and local economic conditions. Seasonal variations typically show higher demand and prices in summer months when families prefer to move, while winter often brings more negotiating power for renters.

New apartment construction in Milwaukee affects supply and pricing dynamics. Areas experiencing significant development may see rent stabilization or decreases as more units come to market, while established neighborhoods with limited new construction tend to see steady price appreciation. Monitoring vacancy rates provides insight into market tightness - rates below 5% typically indicate a competitive market favoring landlords.

What Affects Rent Prices in Milwaukee?

• Location: Proximity to downtown, employment centers, and desirable neighborhoods significantly impacts rent. In Milwaukee, location can create 30-50% price variations.
• Building Quality: Newer buildings with modern amenities command premium rents. Expect to pay 15-25% more for properties built within the last 5 years.
• Transportation: Access to public transit or major highways affects desirability and rent prices. Properties within walking distance of transit often command 10-20% premiums.
• Local Economy: Job market strength and major employer presence drive rental demand. Milwaukee's primary employment sectors directly influence neighborhood pricing.
• Schools: Family-oriented renters pay premiums for quality school districts. Top-rated school zones can add 20-30% to comparable properties.
• Safety: Crime rates and neighborhood safety influence pricing significantly. Low-crime neighborhoods typically command meaningful premiums.
• Amenities: In-unit laundry, parking, pools, fitness centers, and other building amenities can add $100-300+ monthly to base rent.

Tips for Renting in Milwaukee