Welcome to the October 2023 Madison Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the October 2023 key findings and figures for the Madison rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Madison and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Madison average rent prices in the chart below.
Madison rent prices decreased over the last month. From September to October, the city experienced a -1.69% decrease for the price of a one-bedroom apartment. The rent price for a Madison one-bedroom apartments currently stands at $1,400.0.
When we take a look at the two-bedroom comparison from September to October, Madison experienced a -0.31% decrease for the price of a two-bedroom apartment. The rent price for a Madison two-bedroom apartments currently stands at $1,601.0.
Rent prices have decreased in Madison over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Madison suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Middleton, WI, Sun Prairie, WI, De Forest, WI .
Rent decreased in Fitchburg, WI, Stoughton, WI, Verona, WI.
4 suburbs are currently priced higher than the city of Madison.
2 suburbs are currently priced lower than the city of Madison.
Rent growth in Madison over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Madison average rent prices appear to be relatively affordable for local residents.
The price for a Madison one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
For more information about Madison and surrounding area rent prices, take a look at the complete data set below.
|1 BR October||1 BR M/M % Change||2 BR October||2 BR M/M % Change|
|Sun Prairie, WI||$1,414.0||0.64%||$1,469.0||0.82%|
|De Forest, WI||$1,509.0||0.40%||$2,040.0||1.34%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.