Here at Milwaukee Record, we employ a sentient machine known as the Great Job, Milwaukee! Bot to keep track of the city’s many appearances on dopey online lists, as well as any time a national publication deigns to acknowledges our pathetic Midwest existence. Today’s bot report is something of a sequel: Back in July, Madison-based online apartment listings site Abodo.com released a study showing Milwaukee experienced a 15-percent rent increase from June-July 2016, putting the city at #1 for rising rent prices in the entire country. Now, Abodo has revealed that Milwaukee saw a seven-percent rent increase from September-October 2016—not enough for #1 in the U.S., but still #3. “Great” job, Milwaukee! beep-boop-boooooooo
Abodo’s study looks at cities in which one-bedroom rent prices changed the most over a one-month period of time. September rent in Milwaukee is pegged at $887, while October comes in at $951. Tying Milwaukee for rent increase is Virginia Beach, Virginia (+7%). Topping our city is Miami, Florida (+9%).
Why the continued rent increase? According to Abodo Sr. Communications Manager Sam Radbil:
“There is a lot of pressure on rental properties in Milwaukee. Millennials are renting apartments for longer periods of time than the generations that came before them, housing inventory is tighter, the housing crash has scared a lot of potential homeowners, and one group that many people forget about is now renting: Baby Boomers. Baby Boomers are downsizing and looking for a more convenient lifestyle in trendier areas of the city. All of these factors are causing a high demand for apartments, which may lead to increased rent prices.”