Zip codes with the fastest growing rent in Wisconsin

Written by:
March 25, 2021
realtor.com

Zip codes with the fastest growing rent in Wisconsin

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Wisconsin using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in Wisconsin

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Wisconsin using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#5. 53703 (Madison)

- 1 year rent change: -0.1%
--- #1 fastest falling rent among zip codes in Madison, WI metro
- 5 year rent change: +9.2%
- Typical rent: $1,470
--- 9.0% above typical rent in Madison, WI metro

- Pictured (for rent): 225 King St, Madison 53703 ($2,630)

#4. 53202 (Milwaukee)

- 1 year rent change: +0.9%
--- #3 fastest growing rent among zip codes in Milwaukee, WI metro
- 5 year rent change: +5.0%
- Typical rent: $1,304
--- 10.7% above typical rent in Milwaukee, WI metro

- Pictured (for rent): 747 E State St, Milwaukee 53202 ($1,995)

#3. 53711 (Madison)

- 1 year rent change: +1.8%
--- #1 fastest growing rent among zip codes in Madison, WI metro
- 5 year rent change: +13.7%
- Typical rent: $1,536
--- 13.9% above typical rent in Madison, WI metro

- Pictured (for rent): 78 Kessel Ct, Madison 53711 ($1,600)

#2. 53214 (Milwaukee)

- 1 year rent change: +2.0%
--- #2 fastest growing rent among zip codes in Milwaukee, WI metro
- 5 year rent change: +11.3%
- Typical rent: $908
--- 22.9% less than typical rent in Milwaukee, WI metro

- Pictured (for rent): 7951 W National Ave, Milwaukee 53214 ($1,500)

#1. 53212 (Milwaukee)

- 1 year rent change: +3.8%
--- #1 fastest growing rent among zip codes in Milwaukee, WI metro
- 5 year rent change: +12.1%
- Typical rent: $990
--- 16.0% less than typical rent in Milwaukee, WI metro

- Pictured (for rent): 1726 N 1st St, Milwaukee 53212 ($3,200)

Trending Now