September 21, 2023

🔒 Report: Milwaukee ranked as seventh hottest condominium market in U.S.

A new report from Santa Barbara, California-based RentCafe ranks Milwaukee because the 7th “best” condominium rental market within the nation.

For its report, RentCafe analyzed 137 markets within the U.S. the place it says information was accessible to rank the nation’s hottest renting spots. It used 5 key indicators in its evaluation: the variety of days residences have been vacant, the proportion of residences that have been occupied, what number of renters utilized for a similar condominium, the proportion of renters who renewed their leases and the share of recent residences accomplished. Combining these 5 information factors, RentCafe creates a complete “aggressive rating,” and Milwaukee’s rating was 7th highest within the nation.

Miami ranked as the most popular U.S. condominium market within the RentCafe evaluation, adopted by northern New Jersey and southwest Florida. Omaha, Nebraska was the highest-ranked, Midwest market, adopted by Grand Rapids, Michigan after which Milwaukee.

In line with the RentCafe information, Milwaukee’s residences are 95.7% occupied, which is greater than the nationwide common of 94%. Milwaukee residences are vacant for a mean of 43 days, which is identical because the nationwide common. Milwaukee residences have a mean of 14 potential renters per unit, which is greater than the nationwide common of 9 renters competing for a vacant condominium. The lease renewal charge for Milwaukee residences is 68.6%, significantly greater than the nationwide common of 59.7%.

This information displaying the power of Milwaukee’s condominium market comes as a number of massive condominium growth initiatives are underneath building or deliberate in Milwaukee, together with the 322-unit, 44-story Couture tower underneath building close to the downtown lakefront and a 31-story, 305-unit tower underneath building within the Historic Third Ward.

For smaller U.S. rental markets, Madison ranked because the 8th hottest within the nation, in response to RentCafe. Harrisburg, Pennsylvania was probably the most aggressive small market, adopted by Fayetteville, Arkansas and Windfall, Rhode Island.

“The 1.02% improve in new residences in Madison just isn’t sufficient to accommodate the rising demand coming from new residents lured right here by jobs in tech, biotech and well being care,” the RentCafe report states.