Wisconsin Rent Report – May 2019

• The U.S. average rent increased by 2.5% ($35) year over year and reached $1,442 in May 2019, up by 0.3% ($5) month over month, according to Yardi Matrix data.
• The average rent in Milwaukee, WI hits $1,185, a 3.7% ($42) year-over-year increase. 
• Mequon, WI apartments are the most expensive, at $1,927 per month, while South Milwaukee, WI is the most affordable, averaging $813 this May

Apartment rents increase by 2.5% as the prime rental season kicks off

Average rent prices went up by 2.5% year-over-year in May and reached a $1,442 monthly average. Nationally, rents maintain a strong month-over-month growth, but the annual increase is the slowest we’ve seen in 18 months.

Residential rents are rising steadily across markets, with the third month in a row sprouting a 0.3% month-over-month jump. Compared to last May, renters pay $35 more on average, according to the latest Yardi Matrix data on apartment market trends.

Renting in Wisconsin’s cities in May 2019

The average rent in Wisconsin is generally lower than the national average rent. Renting in Milwaukee is now $1,185, after a modest 0.6% month-over-month increase.

Of the cities analyzed, Mequon apartments are the state’s most expensive for renters, averaging $1,927, followed by apartments in Brookfield with 1,497 per month. At $1,350 per month, Wauwatosa is the third-most expensive rental market in Wisconsin.

On the flipside, the cheapest cities in Wisconsin to rent an apartment are South Milwaukee ($813), Kenosha ($1,028) and Waukesha ($1,030).

If we look at 5-year rent changes, Kenosha rents picked up speed as the city saw the highest rent increase in the entire state — up by 25.98% ($212) since 2015. Runner-ups are Mequon (with a 24.16% rent spike or $375 more than in 2015), Oak Creek, up by 18.76% ($172) and Madison, up by 18.17% ($191).

The fastest growing rents in May were also in Mequon, where prices increased by 12.1% over the year. Renters here now pay as much as $208 more per month, on average, than they did in May 2018. Greenfield apartment prices saw the second highest annual increase, jumping by 6.9%, $68 more expensive than the same month last year. Waukesha and New Berlin experienced the third and fourth fastest rent increases, up by 5.2% and 5% y-o-y.

The slowest rising rents over the year were in Wauwatosa and Sun Prairie, where prices grew by 0.3% and 1.6%, respectively.

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

Methodology