According to the Greater Milwaukee Association of Realtors, the Milwaukee metro area needs about 3,600 additional homes to satisfy pent-up demand.
But as the Milwaukee Business Journal points out, rising land prices in Southeastern Wisconsin (where Milwaukee is located) may keep housing prices rising. In turn, this may create a growing demand for rental property if people can’t afford to buy.
Key Market Stats:
Median rent in Milwaukee is $1,143 per month and $1,321 in the greater Milwaukee metropolitan area (as of Oct. 2019).
Over the last five years, rents in Milwaukee have risen by more than 15%.
According to RENTCafé the average rent in Milwaukee grew by 4% over the last year alone.
45% of the housing units in Milwaukee are occupied by renters.
About 69% of the total rental units in Milwaukee rent for between $701 and $1,500 per month.
Neighbourhoods in Milwaukee with the lowest average monthly rents include Cold Spring Park, Concordia, and Hawthorne Glen where rents are $584 per month.
Areas in Milwaukee where the rents are highest include Yankee Hill, Kilbourn Town, and Schlitz Park where rents range between $1,460 and $1,521 per month.
The below graphs show the renting statistics in Milwaukee, as you can see 77% of the rental market is located in the price range Global Investments property lie :
Milwaukee real estate and rents are both relatively affordable, but what matters most is how much locals can afford. It is their incomes relative to rental rates and property prices that determine whether or not they can buy a home.
Wisconsin came in third on a 2017 housing affordability report. Home prices are going up relative to incomes, and that’s forcing many renters to remain renters and newcomers to the area to rent instead of buy.
Constrained Supply Keeps Property Values Strong.
Milwaukee’s real estate market is seeing home values go up due to limited supply. The issue is particularly acute for properties costing less than $300,000. This means that many families that want to live in a house will have to rent, because they struggle to find homes to buy.
The supply isn’t helped by the modest pace of home construction because most properties being built cost over $300,000. Another factor is the labor market itself. There is a scarcity of skilled labor to build new homes at the rate they’re needed.
Yes, the Milwaukee real estate market is seeing homes built, but as we already said, most of the talent that is available is building luxury homes – not affordable ones.
Conclusion :
Despite Covid, property prices are set to rise in Milwaukee in 2021 and the rental market is stronger than ever.
As the Number 1 agent for USA Investment properties for overseas buyers, Global Investments work exclusively with leading brokers in Milwaukee ensuring our clients get the best choice of investment properties.
If you are interested in seeing our latest investment opportunities please contact Global Investments by email today at :
invest@globalinvestmentsincorporated.
