Madison is a progressive, fast-growing city and is home to the University of Wisconsin and the Wisconsin State Capitol. It is located on an isthmus and surrounded by four lakes, the largest being Lake Monona and Lake Mendota.
Well known for its active lifestyle, Madison has an extensive network of trails, parks, and natural areas; it is also an ideal place for bikers and pedestrians. The downtown Madison area has a wide selection of restaurants, bars, museums, music venues, and local businesses.
A city bustling with new students and young professionals scrambling to find a place, so housing can get really competitive. If you want the best selection, begin your apartment search in November. Most leases are signed in February to give landlords plenty of breathing room for the strict August 1st and 15th move in date. Madison apartments are available off-season, but expect to increase your budget or lower your expectations. Searching for an apartment can be tough. That's why we scour the web to get all best listings around town. And our team of local experts verify the quality and accuracy of those listings to make sure that you have the best prices, images and information available. So unlike searching for an apartment on Craigslist, you can be sure that Rentable’s apartment listings are safe, trustworthy and accurate.
You're likely to live, play, and shop in your neighborhood. The UW Madison campus and student housing occupies a fourth of the city, while the business professional downtown areas and hipster east-side comprise almost all the rest. Here's some of the most popular neighborhoods to help you get sorted.
Welcome to the February 2023 Madison Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the February 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 increased over the last month. From January to February, the city experienced a 4.34% increase for the price of a one-bedroom apartment. The rent price for a Madison one-bedroom apartments currently stands at $1,177.0.
When we take a look at the two-bedroom comparison from January to February, Madison experienced a 1.04% increase for the price of a two-bedroom apartment. The rent price for a Madison two-bedroom apartments currently stands at $1,462.0.
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, 4 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Cottage Grove, WI, Middleton, WI, De Forest, WI .
Rent decreased in Fitchburg, WI, Sun Prairie, WI, Verona, WI, Waunakee, WI.
6 suburbs are currently priced higher than the city of Madison.
1 suburb is currently priced lower 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.
For more information about Madison and surrounding area rent prices, take a look at the complete data set below.
|1 BR February||1 BR M/M % Change||2 BR February||2 BR M/M % Change|
|Sun Prairie, WI||$1,313.0||-0.83%||$1,471.0||-5.04%|
|Cottage Grove, WI||$1,182.0||0.51%||$1,725.0||0.00%|
|De Forest, WI||$1,502.0||1.56%||$1,962.0||-0.20%|
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.