MILWAUKEE (CBS 58) — The rental market in Milwaukee is booming. That is in response to a brand new report which discovered Milwaukee is among the best cities for renters to seek out housing.
Renters are dealing with low stock and excessive costs. A brand new report from RentCafe.com analyzed greater than 130 U.S. markets 5 metrics.
Metrics examined embody occupancy charges, variety of renters trying to find a unit, emptiness days, renewed leases, and new residences available on the market.
Milwaukee ranked second on the listing of aggressive rental markets. In accordance with the information, this implies its more difficult to safe an house in Milwaukee than main cities like Chicago or Manhattan.
The rental market has remained robust through the years. We have seen new developments come out with facilities that basically align with the way in which that patrons wish to dwell.”
Realtors like Maura Strickler say stock stays tight throughout the board. “The Nationwide Affiliation of Realtors has simply come out with a research that has stated that over a 3rd of the angle house patrons are nonetheless ready to purchase,” stated Strickler of Shorewest Realtors.
She says that is pushing folks into their leases longer.
RentCafe discovered that 70% of renters in Milwaukee renewed their leases. That is 10% larger than the nationwide common.
In all, 96% of residences in Milwaukee are occupied. New housing choices have been added within the final 12 months but it surely’s not sufficient to stability demand. All of those elements drive up the value of month-to-month hire.
“They’ve risen larger and sooner than traditionally we have seen,” stated Strickler.
Strickler says the excessive hire costs are beginning to drive extra folks to discover homeownership, which she says is the higher choice in the long term.