Wisconsin Mid-Year Rent Report – June 2019

Nicky Iudean-July 15, 2019

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The U.S. average rent increased by 3.2% ($45) year over year and reached $1,465 in June 2019, up by 0.8% ($12) month over month, according to Yardi Matrix data.
The average rent in Milwaukee, WI hit $1,192, $25 more per month than a year ago.
West Allis, WI renters saw the highest annual rent increase in June, reaching $1,044 per month.
Brookfield, WI apartments are the most expensive among the cities analyzed, while apartments in Racine, WI have the cheapest rents.

Mid-year the national average rent sees a spike as peak rental season is in full effect

In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month — the highest monthly jump since May 2018. Compared to last June, renters pay $45 more on average according to the latest rent survey from Yardi Matrix.

Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months. Rent increases during the first half of the year are typically more accelerated, whereas during the second half of the year they’re expected to slow down, a typical pattern confirmed by rent evolution in the past years.

Renting in Wisconsin’s cities in June 2019

The average rent in Wisconsin’s largest cities is generally lower than the national average rent. The average rent in Milwaukee reached $1,192 per month in June, up by 2.1% year-over-year. This translates into renters paying $25 more per month, on average, than they did a year ago.

The fastest growing rents in June were in West Allis, where rental apartment prices increased by 13.5% over the year and 1.7% month-over-month. Renters here now pay $124 more per month, on average, than they did in June 2018, and $17 more than last month. Greenfield apartment prices saw the second-highest annual increase, jumping by 6.3%, $63 more expensive than last year. New Berlin and Oak Creek experienced the third and fourth fastest rent increases, up by 5.9% and 5% y-o-y, respectively.

The slowest rising rents over the year were in Wauwatosa and Sun Prairie, where prices grew by 1.4% ($19) and 1.6% ($17), respectively.

Of the cities analyzed, Brookfield apartments are the state’s most expensive for renters, with an average rent of $1,537, followed by apartments in Wauwatosa, where the average monthly rent is $1,374 per month. On the other hand, the cheapest cities in Wisconsin to rent an apartment in are Racine ($811), Kenosha ($1,031) and Waukesha ($1,039).

Mid-year rent changes in Wisconsin

Since the beginning of the year, there has been an increase in average rent in almost all of the cities in Wisconsin. The highest increase in rent can be seen in West Allis, where average went up by 7.5%, or $73. Next up is Greenfield, with a 5.6% increase in the first half of the year, a value amount of $57. A decrease in average rent in the same period of time can be seen only in Verona, down by 0.2%, or $3 less.

To compare the rental market in Wisconsin with other cities in the U.S., you can also check our national rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

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Nicky Iudean

Nicky is a Senior Communications Specialist for RENTCafé.com, where she researches and writes about real estate, interior design, and all things that spark renters’ interests. She is also your go-to person for content collaborations. Nicky double majored in Marketing and Applied Economics and holds a master's degree in Marketing Strategies and Policies. You can reach her via email at nicky.rentcafe@yardi.com.