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Milwaukee Skyline
An aerial view of the Milwaukee Skyline from the Upper East Side.
According to data from a nationwide study by ConsumerAffairs, Milwaukee has faced one of the sharpest rent increases in the country in recent years, with median rent in 2024 up 28% since the pandemic hit in 2020. While rent prices nationally are on the rise in many major cities, Milwaukee’s increase includes a 5.5% increase from 2023 alone, well above the 3.4% median national increase.
When the pandemic hit in 2020, median rent in Milwaukee had been about $1,093 monthly. Now it sits at about $1,396.
What is causing these rent increases, and why is Milwaukee being hit particularly hard by them?
Tight Supply
ConsumerAffairs Media Relations Specialist Brooklyn Bannister says, “Supply is tight and demand is rising. As remote workers look for affordable metros and young adults enter the workforce, pressure on Milwaukee’s limited rental stock is increasing.”
The report points out that approximately 65% of renters nationwide spend over 30% of their monthly income on rent. In fact, issues like rent burdens, low home ownership and eviction filings have disproportionately affected Milwaukee’s Black and Brown communities, as further data from Wisconsin Policy Forum, Milwaukee County, and Community Development Alliance shows.
Bannister suggests one factor of Milwaukee’s rent spikes could be affordability migration. A study by the Wisconsin Policy Forum shows that an increase of remote work in Wisconsin during the pandemic, mirroring a national trend, potentially caused rising rent and real estate prices. Considering Milwaukee’s relative affordability, rental demand has become higher with this taken into account.
High Mortgage Rates
Another factor she mentions is how potential buyers are staying renters due to high mortgage rates. Inventory has dried up, so homeowners with low-interest mortgages have held onto their homes. A recent Forward Analytics report shows that Wisconsin needs to build 140,000 new homes by 2030 in order to keep up with demand.
On top of this, the National Low Income Housing Coalition reports a 128,000-unit shortage for affordable rentals in Wisconsin to low-income households, which CEO Diane Yentel calls “unjustifiable.”
Yentel expands, “Previous Congressional actions cut evictions in half, kept millions of renters stably housed and moved many unhoused people into housing. Congress then let protections expire and resources depleted. As rents increased, so too did eviction filings, and ultimately, homelessness.”
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With all of this information, what can renters and developers do to keep Milwaukee an equitable and affordable place to live?
For renters, it is crucial to stay informed on the current rental landscape and to compare listings before signing a lease. Resources like IMPACT, Emergency Rental Assistance, and the Wisconsin Home Energy Assistance Program are available to those in need.
Tenants in rental properties should also know their rights, talk to their neighbors about their living conditions, and challenge evictions whenever possible. Legal Action of Wisconsin or Eviction-Free MKE can help in such cases.
Of course, more affordable housing definitely needs to be invested in as well. Zillow Senior Economist Nicole Bachaud affirms, “Building more homes is the clearest way to improve housing affordability. Measures that make it easier to build, including allowing for more density, will help.”
