Why Is Your Rent Rising?
Jeramey Jannene talks about Milwaukee's apartment boom on WTMJ.
As anyone shopping for an apartment in Milwaukee can attest to, it’s hard to find an affordable place to live. Why is that?
WTMJ radio interviewed Jeramey Jannene this morning about his coverage of Milwaukee’s real estate market, including his recent article “Apartment Vacancies Hit 10-Year Low.” The article explored recent data from the U. S. Census Bureau that shows metro Milwaukee ranks as high as seventh in the nation in apartment occupancy rates. The metro area averaged a vacancy rate of just 4.55 percent for all of 2015, exactly matching its performance from 2014; both figures are the lowest at least 10 years.
The demand for apartments is driving new development in Milwaukee, Jannene noted: “We’re seeing a record number of proposals for apartment buildings in Milwaukee. Everywhere you look new developments are coming on line and they’re getting leased.”
The apartment boom goes beyond just Millenials and empty nesters filling new downtown apartments. The Census Bureau report examines the metropolitan statistical area, made up of Milwaukee, Waukesha, Washington and Ozaukee counties. The region, made up over 1.5 million residents, features one of the lowest rates of owner-occupied homes in the nation, putting it in line with New York City, Las Vegas and a host of other cities not commonly referenced as Milwaukee’s peers.
“You can speculate a number of reasons,” Jannene says. “Be it the poverty issue that is forcing people to not be able to own homes, be it the trend of millennials, be it empty nesters who are just selling their homes and moving into smaller units anywhere in the region. I think there are a number of factors, and you can’t just pin it on one thing.”