Southern Wisconsin Multifamily Market Report | Matthews | Q4 2025

Market Overview

Southern Wisconsin's multifamily market held steady through Q4 2025 across Kenosha, Racine, Milwaukee, Washington, and Waukesha Counties. Vacancy settled at 5.1% as 1,321 units were absorbed against 581 deliveries, and annual rent growth reached 3.2% with average asking rents at $1,513 per unit. Student housing added another layer of strength: occupancy across the Milwaukee and UW-Milwaukee markets reached 103%, with average asking rents per bed at $921 and virtually no new supply under construction. With only 3,022 units in the broader pipeline and Kenosha and Racine submarkets remaining undersupplied, the region's fundamentals are well-supported heading into 2026.

About Matthews

Matthews Real Estate Investment Services is a national commercial real estate brokerage and advisory firm serving multifamily owners, investors, and developers across major U.S. markets. Their Southern Wisconsin Q4 2025 multifamily market report tracks vacancy, absorption, rent growth, and student housing occupancy to help clients assess market conditions and refine investment timing. To read the full report, click here.