People live in Shorewood and work and play in Milwaukee. Boxed in by Lake Michigan, the northern edge of the beautiful UW-Milwaukee campus, Milwaukee River, and scenic waterfront parks, the quiet area is a common place for post-grads to put down roots. It’s near the Upper East Side’s nightlife scene — found along Oakland Avenue and North Avenue — and downtown is just 15 minutes away. Technically a village, Shorewood has a reputation for being a bit more upscale than some of the surrounding neighborhoods, especially nearer the lake, so you can expect larger lawns and more of the classic architecture that makes Milwaukee stunning.
Cover image by brennanMKE via Flickr
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the October 2022 Milwaukee Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the October 2022 key findings and figures for the Milwaukee rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Milwaukee 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 Milwaukee average rent prices in the chart below.
Milwaukee rent prices increased over the last month. From September to October, the city experienced a 4.3% increase for the price of a one-bedroom apartment. The rent price for a Milwaukee one-bedroom apartments currently stands at $1,213.0.
When we take a look at the two-bedroom comparison from September to October, Milwaukee experienced a -1.21% decrease for the price of a two-bedroom apartment. The rent price for a Milwaukee two-bedroom apartments currently stands at $1,306.0.
Rent prices have increased in Milwaukee over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Milwaukee suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Wauwatosa, WI, Brookfield, WI, Waukesha, WI, Shorewood, WI .
Rent decreased in Oak Creek, WI, West Allis, WI.
4 suburbs are currently priced higher than the city of Milwaukee.
2 suburbs are currently priced lower than the city of Milwaukee.
Rent growth in Milwaukee 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, Milwaukee average rent prices appear to be relatively affordable for local residents.
The price for a Milwaukee 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 October 2022 National Apartment Report and data set here.
For more information about Milwaukee 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 | |
|---|---|---|---|---|
| Milwaukee, WI | $1,163.0 | 6.99% | $1,322.0 | 1.69% |
| Oak Creek, WI | $1,336.0 | -0.08% | $1,793.0 | 0.00% |
| Wauwatosa, WI | $1,475.0 | 0.27% | $1,688.0 | 4.01% |
| Brookfield, WI | $1,825.0 | 5.55% | $2,278.0 | 1.83% |
| Waukesha, WI | $1,296.0 | 10.30% | $1,531.0 | 8.89% |
| West Allis, WI | $1,059.0 | -1.03% | $1,261.0 | -3.96% |
| Shorewood, WI | $897.0 | 0.67% | $1,325.0 | 2.24% |
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.