Milwaukee’s apartment market remains one of the Midwest’s steadier performers. Compared with nearby metro areas such as Madison, Chicago and Minneapolis, the Milwaukee multifamily real estate market continues to hold its own, said Ted Stratman, senior vice president of Midwest multifamily advisory at Colliers.

In the submarket that includes the East Side, the eastern portion of downtown and the Third Ward, apartment vacancy was at 4.1% and average rent was at $1,823 in the first quarter, according to Commercial Association of Realtors Wisconsin and REDI CRE in partnership with Moody’s. For the western part of downtown and areas northwest, west and southwest of downtown, the vacancy rate was at 6.8% and average rent was at $1,212.

While the Milwaukee apartment market is healthy, rising construction costs, higher interest rates, zoning hurdles and limited public financing have all slowed the pace of new apartment building development in the area, Stratman said.

He explained that the core challenge is “keeping construction costs in check while still delivering the level of quality renters expect.”

Another factor shaping the market is the limited amount of construction of single-family homes and condos in the area in recent years, Stratman said, which has only pushed more people towards renting.

“That’s going to drive your demand for apartments, especially downtown, so lack of (housing) supply leads to lower vacancy rate for apartments, but a higher demand,” Stratman said.

He noted that companies moving jobs downtown, including Northwestern Mutual’s upcoming relocation of its Franklin workforce – which will bring 2,000 employees to downtown Milwaukee – could also drive additional apartment demand.

Looking ahead

There are several multifamily developments on the horizon, including one of the largest efforts at 100 E. Wisconsin Ave. downtown.

Led by Milwaukee-based Klein Development and MOS R.E., the 100 East building, a former office tower, will be converted into 373 apartment units, including 75 designated for affordable housing. If completed, it will be the tallest residential building in Wisconsin.

Other developments include another office-to-residential development by Milwaukee-based Pieper Properties, which will convert office space at The Mayer Building in the Third Ward into 25 apartment units. Also coming to Milwaukee’s downtown multifamily market is 268 units of workforce housing, under construction in Deer District by Milwaukee-based J. Jeffers & Co. and partners.

In the next two to three years, Stratman said, it will be interesting to see how the market absorbs the new construction. Construction costs will remain a critical factor for new development, he said.

Notable downtown Milwaukee apartment buildings:

Evoni
Address: 615 E. Corcoran Ave.
Height: 5 stories
Units: 261 units | Units available: 18 | Vacancy rate: 6.9%
Assessed value: $81.9 million
Year built: 2025

NOVA
Address: 1237 N. Van Buren St.
Height: 8 stories
Units: 251 | Units available: 16 | Vacancy rate: 6.4%
Assessed value: $74.4 million
Year built: 2023

The Couture
Address: 909 E. Michigan St.
Height: 46 stories
Units: 322 | Units available: 60 | Vacancy rate: 18.6%
Assessed value: $130 million
Year built: 2023

333 North Water
Address: 333 N. Water St.
Height: 31 stories
Units: 333 | Units available: 32
Vacancy rate: 9.6%
Assessed value: $142 million
Year built: 2024

7Seventy7
Address: 777 N. Van Buren St.
Height: 35 stories
Units: 310 | Units available: 11
Vacancy rate: 3.5%
Assessed value: $108.5 million
Year built: 2018

Park Lafayette Towers
Address: 2036 N. Prospect Ave.
Height: 20 stories
Units: 280 | Units available: 23
Vacancy rate: 8.2%
Assessed value: $69 million
Year built: 2009

Juneau Village Towers
Address: 1029 N. Jackson St.
Height: 27 stories
Units: 598
Assessed value: $80.2 million
Year built: 1966

Stitchweld Apartments
Address: 2141 S. Robinson Ave.
Height: 3-5 stories
Units: 291 | Units available: 12 | Vacancy rate: 4.1%
Assessed value: $65.7 million
Year built: 2017

Rowe MKE
Address: 1845 N. Water St.
Height: 4 stories
Units: 222 | Units available: 81 | Vacancy rate: 36.5%
Assessed value: $50 million
Year built: 2025

River House Apartment Homes
Address: 1781 N. Water St.
Height: 4 stories
Units: 243 | Units available: 5 | Vacancy rate: 2.1%
Assessed value: $69.6 million
Year built: 2017

The Moderne
Address: 1141 N. Dr. Martin Luther King Jr. Drive
Height: 30 stories
Units: 203 | Units available: 6 | Vacancy rate: 3%
Year built: 2012

Ascent MKE
Address: 700 E. Kilbourn Ave.
Height: 25 stories
Units: 259 | Units available: 13 | Vacancy rate: 5%
Assessed value: $116.1 million
Year built: 2022

Yankee Hill
Address: 626 E. Kilbourn Ave.
Height: 23 floors
Units: 349 | Units available: 29 | Vacancy rate: 6.6%
Assessed value: $43.4 million
Year built: 1987

East Side/Downtown/Third Ward apartment market snapshot

(south of Capitol Drive and east of the Milwaukee River)
Q1 2026
Average rent: $1,823
Vacancy rate: 4.1%
Source: Commercial Association of Realtors Wisconsin and REDI CRE in partnership with Moody’s, City of Milwaukee