Average apartment rent prices in Milwaukee increased 3.7% year-over-year in May, a higher rate of increase than the national average though rental prices for the city are still well below the nationwide average, according to a new report.
The findings come from a report by RentCafé, a nationwide apartment search website that is part of Yardi Systems. The report found that Milwaukee rent prices typically increased $42 compared with May 2018 to a monthly average of $1,185. This 3.7% uptick compares to a 2.5% annual increase for the U.S. overall, which rose $35 to $1,442 on average.
Compared to the previous month, the price of rent in the city rose 0.6%, compared to a 0.3% increase nationally.
The report relies on data of competitively rented large-scale multifamily properties, defined as having 50 or more units, via a telephone survey. Local rent reports include only cities with a statistically relevant stock of large-scale multifamily properties.
The RentCafé report notes the average rent in Wisconsin communities is generally lower than the national average. Mequon topped the list as the state's most expensive community for renters. At an average rental rate of $1,927 per month, Mequon saw a $208, or 12.1%, increase compared with May 2018.
Following Mequon on the list of most expensive Wisconsin communities for rent prices are Brookfield, with an average price of $1,497, and Wauwatosa, with an average rate of $1,350.
The cheapest rent prices in the state can be found in South Milwaukee. In May, it recorded an average rent price of $813, which was a $16, or nearly 2%, increase from the previous year. Following South Milwaukee for communities with cheapest rental rates are Kenosha, with an average rate of $1,028 per month, and Waukesha, at $1,028 per month.
Mequon saw the fastest growing rents in May statewide. Wauwatosa saw the slowest rising rents year-over year at 0.3%.