Metro Milwaukee is expected to add 2,624 new apartment units in 2025, a 51% increase over last year’s total, according to a new report from RentCafe.
While that number places Milwaukee behind other Midwest metros like Columbus, Ohio (5,719 units), Minneapolis (5,659) and Indianapolis (4,609)—and well outside of the top 20 metros in the country—metro Milwaukee ranked 11th for the biggest increase in apartment unit deliveries in 2025 compared to 2024, the report found.
The report, which only considers buildings with more than 50 units, is based on projections from Yardi, using a proprietary algorithm that calculates confirmed and likely completions for 2025 based on certificates of occupancy, which is typically the final step before a property is considered completed.
Apartment development projects that have opened in metro Milwaukee in 2025 include the 261-unit Evoni apartment building in Milwaukee's Historic Third Ward; Norden Range in Oconomowoc and Caroline Heights in Elm Grove, both developed by Mandel Group; the 67-unit Elevation 1659 on Milwaukee's Lower East Side; and affordable apartment buildings like ThriveOn King in the Bronzeville district and the first buildings of The Corliss in Bay View.
In recent years, both the city of Milwaukee and metro Milwaukee have ranked among the nation's tightest apartment markets and among those with the fastest rent growth, according to RentCafe, though a report from earlier this summer showed that the metro's apartment market was less competitive than in previous years.
Nationally, apartment construction is projected to remain strong in 2025, the report said, with an estimated 506,353 units expected to open by year’s end. While that’s a drop from last year’s record-setting numbers, it’s still significantly higher than annual averages over the past decade as construction of single family homes and for-sale condominiums has remained sluggish contributing to high apartment demand. Over half of new units this year are concentrated in the Sun Belt region.
