Compared to its Near-East Madison counterpart the Williamson-Marquette Neighborhood, the Tenney-Lapham Neighborhood is layered with older houses and flats, has less expensive rent (though still relatively high compared to places off the isthmus) and is a little closer to downtown.
In other words, less of the 1960's hangover culture and more focus on parks and quiet, eminently walk-able neighborhoods.
The leases in some of these apartments are designed to attract specific income levels, making downtown living more attractive to a larger group of prospective renters—including young families, seniors, and recent college grads
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Some of the neighborhood’s best features are its city parks, which look out onto Lake Mendota. Tenney Park is a favorite spot for locals, and includes ice-skating in the winter. On a summer day in James Madison Park, you’ll find everything from undergrads baking in the sun to slack-lining, ultimate Frisbee and beach volleyball.
What the neighborhood lacks in number of businesses it makes up with local flair and quality. Mildred’s Sandwich Shop’s Cicero must be tried, and you’ll also enjoy breakfast at Sophia’s with its colorful crowd of regulars. The Caribou is a legendary watering hole, and the Aveda salon Studio 924 adds cosmopolitan style.
Welcome to the May 2021 Madison Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2021 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 increased over the last month. From April to May, the city experienced a 3.83% increase for the price of a one-bedroom apartment. The rent price for a Madison one-bedroom apartments currently stands at $1,167.0.
When we take a look at the two-bedroom comparison from April to May, Madison experienced a 0.42% increase for the price of a two-bedroom apartment. The rent price for a Madison two-bedroom apartments currently stands at $1,447.0.
Rent prices have increased 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 Sun Prairie, WI, Verona, WI, Waunakee, WI .
Rent decreased in Middleton, WI, Fitchburg, WI, Maple Bluff, WI.
6 suburbs are currently priced higher than the city of Madison.
Rent growth in Madison over the past year has been on the rise. 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.
You can view the full rundown of Rentable's May 2021 National Apartment Report and data set here.
For more information about Madison and surrounding area rent prices, take a look at the complete data set below.
|1 BR May||1 BR M/M % Change||2 BR May||2 BR M/M % Change|
|Sun Prairie, WI||$1,221.0||1.33%||$1,436.0||2.13%|
|Maple Bluff, WI||$1,666.0||-0.60%||$3,060.0||0.00%|
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.