The metro Milwaukee area experienced the third highest rent growth nationally — and the highest in the Midwest — for single family rentals over the last year, according to a new report.
The report from Massachusetts-based
Rentometer found that single family home rents increased by 13% in the Milwaukee area, bringing the average rent to $1,736 per month.
The city of Milwaukee and metro Milwaukee often
rank high nationally for apartment rent growth, and consistently
rank among places with the lowest apartment vacancy rates, but those reports often use data from buildings with five or 10 units and up, according to their methodologies.
Nationally, Buffalo, New York experienced the highest single family home rent growth over the last year at 29% ($2,057/month), followed by Jersey City, New Jersey at 18% ($3,454/month). In the Midwest, Milwaukee was followed by Cleveland at 9% ($1,524/month) and Indianapolis ($1,755/month), Kansas City, Missouri ($1,711/month) and Cincinnati ($2,005/month) all at 8%.
Prices for single-family home rentals continued their steady growth and increased 3% year-over-year nationally. While home rental prices grew, the pace of growth slowed from the previous quarter when annual growth was 4.2%, according to the report.
"One of the biggest drivers of growth in this segment is the ongoing demand for rental housing in both suburban and urban areas, fueled by high mortgage rates and rising home prices, which have kept many would-be buyers in the rental market," the report says.
