Milwaukee rental market leaves prospective tenants to navigate low inventory and high prices

 

MILWAUKEE (CBS 58) --- The rental market in Milwaukee is booming. That's according to a new report which found Milwaukee is one of the most competitive cities for renters to find housing.

Renters are facing low inventory and high prices. A new report from RentCafe.com analyzed more than 130 U.S. markets looking at five metrics.

Metrics examined include occupancy rates, number of renters searching for a unit, vacancy days, renewed leases, and new apartments on the market.

Milwaukee ranked second on the list of competitive rental markets. According to the data, this means its more challenging to secure an apartment in Milwaukee than major cities like Chicago or Manhattan.

The rental market has remained strong over the years. We've seen new developments come out with amenities that really align with the way that buyers want to live."

Realtors like Maura Strickler say inventory remains tight across the board. "The National Association of Realtors has just come out with a study that has said that over a third of the perspective home buyers are still waiting to buy," said Strickler of Shorewest Realtors.

She says this is pushing people into their leases longer.

RentCafe found that 70% of renters in Milwaukee renewed their leases. That's 10% higher than the national average.

In all, 96% of apartments in Milwaukee are occupied. New housing options were added in the last year but it's not enough to balance demand. All of these factors drive up the price of monthly rent.

"They have risen higher and faster than historically we've seen," said Strickler.

Strickler says the high rent prices are starting to drive more people to explore homeownership, which she says is the better option in the long run.