Average Rent in South Eastern Wisconsin

[Grant R.]

Seeking advice on current average rents for Brookfield and Waukesha areas in South Eastern Wisconsin. Specifically for basic 2/1 and 1/1 duplex, townhouses, and similar units. Not apt complexes please... those averages are freely available online. Any local investors or property managers want to chime in? Many thanks in advance!

[Matthew Meunier]

Hi @Grant R. - I’m an agent, owner, and property manager. As others have said, it can vary. What amenities do these assets have? Dishwasher, laundry, parking, and central air will drive rents up, as you already know. Some of the first things residents are looking for these days is laundry and parking.

This being said, typically in Brookfield, a basic 1bd will go for $800-$1000. A 2bd will go for $925-$1195. I’ve rented units within these ranges (non luxury apartments). Waukesha will be $500-$800 for a 1bd and $750-$1000 for a 2bd. Same as mentioned at non luxury rates. However, given the market it’s been quite easy to drive rents higher and still rent them out. Factors to consider with this though are turnover and limiting your pool of residents so longer vacancy.

A trend I’ve noticed in all markets is the luxury Class A’s are helping the class B’s and C’s drift behind and drive rents to a considerably high sq ft rate. Example: I manage a Class C brick high rise on the East side of MKE. Surrounded by many Class A’s but also other brick class C’s. In a matter of 2 years, with considerable updates in flooring, bathrooms, and kitchens, we’ve increased our 1bd rent avgs from $700/unit to $815/unit. We don’t have dishwashers in any units nor central air. Sq ft is around 550-600. Parking and laundry are additional charged amenities. Residents walk in for showings after seeing $1100-$2500 rents and see a well put together unit at $900-$995 and instantly see value. What we have to watch for here is how Class A’s perform as they are starting to lose residents and compete in an amenity race that’s obscene - offering 3-6 months of free parking or 2-3 months free rent or highly discounted for a 12 month lease. The trend will affect these other asset classes and will drive these rents lower eventually. When that happens timing wise is up in the air. A duplex/townhouse have followed suit. 

Brookfield and Waukesha may be sheltered from this to a point though as sub market MKE rentals have seen increases in median rents and occupancies as a result of Covid. Another form of drifting we are paying close attention to. Hope this helps!