Regardless of your location, if you’ve ever looked for a cheap apartment in Milwaukee to rent, you already know that the rental rate is the most important factor to consider.
Of course, such things as the access to transportation, public infrastructure, and shopping places; the safety and walkability; and the distance to your school/work are very important, but none of those tops the money you will be expected to pay every month in exchange for living in the property.
This holds true even in affordable real estate markets like Milwaukee. Although rental rates in this city are not as high as in other hot housing markets such as San Francisco, New York, Chicago, and Houston, tenants still want to know the cheapest Milwaukee neighborhoods to rent an apartment. The truth of the matter is that just as in any other real estate market, in Milwaukee too rental rates vary widely from one place to another. Let’s see exactly how much this variation is.
What’s the Rent Range in Milwaukee?
According to data from Mashvisor, a real estate data analytics company, the average rent in Milwaukee in November 2018 is $1,100. However, that’s not what you should expect to be charged by landlords in each and every Milwaukee neighborhood. The average monthly rent in Sherman Park, by far the most affordable place to rent an apartment in Milwaukee, is $770. The even better news for anyone looking for affordable rental housing in the city is that this neighborhood has a walkability score of 71, significantly above the average city level of 56. So, if you rent in Sherman Park, you will save money not only from rent but also from transportation.
But how about the most expensive Milwaukee neighborhood to rent an apartment? This is Historic Third Ward, where the average monthly rent is $2,000. That’s 2.6 times the rent in Sherman Park and almost double the city average. Moreover, Historic Third Ward has a walkability score of 54 only, so renters there will have to spend more money on traveling as well.
So, if you are a renter on a budget, as most renters are in reality, you won’t be looking for a property in Historic Third Ward. Next, let’s see what other neighborhoods should be included in your search for a rental in addition to Sherman Park.
Where Can You Rent in Milwaukee, WI If You Are on a Budget?
November data from Mashvisor’s rental property calculator reveals the cheapest Milwaukee neighborhoods for renting an apartment as well as the walkability score of each one of them. In the table below you will find the neighborhoods with a monthly rent below the city average:
Cheapest Neighborhoods to Rent in Milwaukee
|Neighborhood||Average Monthly Rent||Walkability Score|
|12||Town of Lake||$990||62|
|21||Honey Creek Parkway||$1,100||59|
Data Source: Mashvisor, November 2018
Looking for a property to rent can be a time-consuming and frustrating process, especially if you do it for the first time, have a short timeline, and are on a limited budget.
If you are searching for an apartment to rent in Milwaukee, we show you the most affordable neighborhoods for tenants there in order to help you along the process. By starting your search in the right neighborhood within your budget, you will be able to shorten the process and make it less stressful. Good luck!