Milwaukee, WI: Cream City
With 577,222 residents, Milwaukee is the most populous city in Wisconsin. It also serves as the seat of Milwaukee County. In addition to “Cream City,” a nickname the city earned due to its cream-colored buildings, Milwaukee is also known as “Brew City” and the “Beer Capital of the World” thanks to its prominent brewing industry.
Milwaukee is home to many museums and performing arts venues. Notable ones include the Milwaukee Art Museum, Discovery World, Pabst Mansion, the Milwaukee Public Museum, the Marcus Center for the Performing Arts, the Pabst Theater, and the Milwaukee Repertory Theater. The city also hosts one of the biggest music festivals in the world, Summerfest, at the Henry Maier Festival Park.
Colleges and universities located in Milwaukee include the University of Wisconsin-Milwaukee, Marquette University, and the Milwaukee School of Engineering. Other popular attractions include the Milwaukee Riverwalk, the Bradley Symphony Center, the Wisconsin Center, the Milwaukee County Zoo, and the American Family Field.
How Is Milwaukee’s Rental Market?
Real estate prices in Milwaukee are generally affordable. The median listing price for a home in this city is $165,000. Despite this, Milwaukee still has a sizable renter population. In fact, 58.6% of the city’s residents rent their homes. These two factors make this Wisconsin city an attractive place for rental property investors.
Image via towncharts.com
Keep in mind, though, that the median rent in Milwaukee is not as high as in other cities. In 2019, the national median rent was $1,097, whereas the median rent in Milwaukee in the same year was $914. Still, this is a step up from the state’s median rent of $867 and an increase from previous years. In fact, rent in Milwaukee has been steadily creeping up since 2016.
Image via deptofnumbers.com
In terms of occupancy, landlords can look forward to a fairly average rate. The vacancy rate in Milwaukee was 5.45% in 2019, while the national rate was 5.97% in the same time period. To add to that, Wisconsin’s landlord-tenant laws also make it a moderately favorable environment for rental property owners.
How a Milwaukee Property Management Company Can Help
Given the state of its rental market, it comes as no surprise that property investors find Milwaukee attractive. Owning a rental property, though, is wildly different from operating one. For most landlords, property management in Milwaukee is just too exhausting or time-consuming. There are usually too many duties to perform and too many problems that come up.
This is where a Milwaukee rental management company comes in. A professional management company can assist landlords with everything they need. While services can vary from one company to another, most involve 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 Milwaukee?
Milwaukee is home to several property management companies. The tricky part is trying to find the one that best suits your needs and price point. Streamline your search process today with the help of Rental Choice. Browse our online directory of property management companies by city or state.