Madison, WI: The City of Four Lakes
With an estimated 269,840 residents, Madison is the second-most populous city in Wisconsin. It also serves as the state capital and as the seat of Dane County. Known as “The City of Four Lakes,” Madison is home to Lake Kegonsa, Lake Monona, Lake Waubesa, and Lake Mendota. It is also the location of the University of Wisconsin-Madison and the Wisconsin State Capitol.
Madison is famous for its outdoor recreation. The city boasts an abundance of parks, trails, and playgrounds, making it a great place for outdoor enthusiasts. Of course, there are also many notable facilities and attractions centered around arts and culture. These include the Overture Center for the Arts, the Orpheum Theatre, the Alliant Energy Center, the Chazen Museum of Art, the Madison Museum of Contemporary Art, and the Wisconsin Historical Museum.
In addition to this, Madison also hosts a number of events throughout the year. Some examples include Art Fair Off the Square, the Waterfront Festival, and Concerts on the Square. The Wisconsin Chamber Orchestra, the Madison Opera, and the Madison Ballet are a few of the performing arts companies that call Madison home. Other points of interest include the Henry Vilas Zoo, the Olbrich Botanical Gardens, and the Madison Children’s Museum.
What Is Madison’s Rental Market Like?
Madison has a booming real estate market. Even in the face of the COVID-19 pandemic, this Wisconsin city still saw a rise in the average home value for single-family homes. In 2021, the average value of homes in Madison is $335,200. This represents a 6.3% increase. However, it is perhaps due to rising home values that Madison also has a sizable renter population. In fact, 53% of residents here rent their homes.
Image via towncharts.com
A large pool of renters is not the only thing that Madison has to offer to property investors and landlords, though. The vacancy rate in this city dropped from 4.99% in 2018 to 3.40% in 2019. Both rates are below the national vacancy rate of 5.97%.
Image via deptofnumbers.com
Beyond that, Madison also presents landlords with great earnings. The median rent in 2019 was $1,088, which was higher than the Wisconsin median and only slightly below the national median. The median rent has also been steadily increasing since 2012. To top it all off, Wisconsin’s laws make it a fairly favorable environment to landlords.
How a Madison Property Management Company Can Help
Madison has an attractive rental market, making it a target for many property investors. However, rental management takes more than just capital. Owners need to act as landlords and carry out a number of challenging tasks. This includes ensuring your property is up to code, preparing lease agreements, and upholding the landlord-tenant laws in your locale.
For a large majority of landlords, it makes more sense to outsource the job to a Madison rental management company. With professional help, you can delegate most (if not all) of your duties to an experienced manager. While no two companies are exactly alike, services typically encompass the following:
- Rental property advertising
- Tenant screening
- Property showings
- Rent setting and collection
- Lease agreement preparation
- Routine inspections (including move-in and move-out inspections)
- Lease terms enforcement
- Maintenance and repairs management
- Tenant support
- Budget management
- Tax preparation
- Eviction assistance
Looking for Property Management in Madison?
Rental Choice should be your go-to resource for property management companies in Madison. We operate an online directory consisting of reliable companies in every city or state. Browse through our database and narrow down your search with ease today!