Metro Milwaukee apartment rents level off

According to rental data compiled by the apartment search engine, rental prices have leveled off after steadily increasing during the last quarter of 2010.

During the past 30 days, the average rental rate of a two-bedroom apartment in Milwaukee was $899, the average rental price for a studio apartment was $633 per month, while one bedrooms average $698, and three bedroom rentals average $1,155.  Average rental rates for 2 bedroom apartments were at $839 in Waukesha, $871 in Whitefish and $989 in Greendale.

“Historically rental prices have declined in the late fall and early winter as most people tend to move during the spring and summer,” said Ian Reardon, a software engineer who wrote MyApartmentMap’s data analysis software. “The fact that Milwaukee has seen gains and seems to be holding onto them tells me that the demand for apartments is increasing.”

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