Some residents are paying as much as 10 percent more from last year for a roof above their heads in some of the city’s hottest communities.
Here’s a look at the five Milwaukee neighborhoods where rent is increasing the most.
5. Timmerman West
- Price increase over the past year: 2.86%
- Average rent for one-bedroom in Timmerman West: $810
Timmerman West is located in the northwest part of the city. It is home to 5,000 residents and Timmerman Field, a small airport still in operation today.
Densely rolling hills and a fair amount of green space along both sides of the Menomonee and Little Menomonee Rivers appeal to those who love open land. Rental rates have increased by almost 3 percent in this neighborhood, raising the rent to about $810 per month.
Fun Fact: In the early 1960s, a large middle section of Timmerman West was cleared to make room for the North/South Freeway. As a result, the freeway splits the neighborhood in two.
4. Harbor View
- Price increase over the past year: 3.11%
- Average rent for one-bedroom in Harbor View: $1,478
Harbor View is just to the south of downtown Milwaukee and until very recently, was entirely industrial. It’s since become one of the fastest developing areas of the city, and it’s showing with rental rates rising, too.
In one year, rent has increased 3 percent to an average of $1,478 per month. Part of the reason is revitalization efforts really took off when University of Wisconsin – Milwaukee established its School of Freshwater Sciences. Small businesses, live theatre and miles of waterfront, complete with waterfront bars and restaurants, make it attractive to residents who love living near Lake Michigan.
For those interested in UWM’s work on freshwater research, the School of Freshwater Sciences offers a 90-minute tour on the third Thursday of each month at 12:30 p.m. It’s also near the Historic Third Ward, which is filled with trendy shops and dining options in another revitalized warehouse district.
Fun Fact: The Original Cheesehead Factory, the company that makes cheeseheads, is located in Harbor View and offers factory tours. By the way, the first cheesehead was worn at a Brewers game, not Packers.
3. Northridge Lakes
- Price increase over the past year: 4.15%
- Average rent for one-bedroom in Northridge Lakes: $800
On the northwest part of the city, Northridge Lakes is anything but flat, with gently rolling hills to moderately steep inclines making up most of its topography. It’s a quiet residential community with most of the residents living in multi-unit condos or apartment buildings.
Rent has increased 4 percent in a year, with most spending an average of $800 per month. Northridge Lakes gets its name from the area’s most prominent feature, Northridge Lake, which is enjoyed by its residents since most of the streets are wide and curve around it. Today, about 2,500 residents call it home.
Fun Fact: Those who love the outdoors will appreciate the area’s expansive green space surrounding Northridge Lake. Most of the northern part of the neighborhood north of West Glenbrook Road is wooded and underdeveloped.
2. Murray Hill
- Price increase over the past year: 7.83%
- Average rent for one-bedroom in Murray Hill: $755
Students from the nearby University of Wisconsin – Milwaukee reside next to families who’ve been living in Murray Hill for generations. A densely-populated and mostly residential community, this neighborhood is bordered by a couple of commercial and entertainment strips along North Avenue and Downer Avenue.
Considered by some as “hip and trendy,” its close proximity to Lake Michigan (just a few blocks away) make it particularly attractive to both renters and homeowners. Rental rates are showing the uptick in interest. Since last year, rent in Murray Hill has increased by nearly 8 percent, now averaging $755 per month.
Fun Fact: Murray Hill is named after James Murray, an immigrant from Scotland who worked as a painter and glazier before he got into land development and purchased land north of North Avenue. Murray Avenue was named for him after his death in 1873.
1. Yankee Hill
- Price increase over the past year: 10.70%
- Average rent for one-bedroom in Yankee Hill: $1,292
Yankee Hill is one of the oldest parts of the city, just north of downtown proper. Many of the older mansions and churches that still stand, designed in the Gothic, Italianate and Greek Revival styles, were built before 1930.
Today, about 3,000 residents live in a mix of apartment buildings and older mansions that have since been subdivided into upscale apartments to accommodate college students and young professionals, who make up much of the neighborhood’s population. Rents have risen by 10 percent, averaging $1,292 per month.
A walkable neighborhood filled with historic buildings, residents often find respite outdoors at Juneau Park on Lake Michigan, with statues of Solomon Juneau and Leif Erickson.
In case residents don’t want to walk, a new modern streetcar system called The Hop now runs through the area. Nearby, in the East Town neighborhood and in the heart of Milwaukee’s downtown, is home to one of the city’s best Irish pubs in the area, County Clare.
Fun Fact: Yankee Hill is home to the “Spite House,” with the kind of history one would expect when trying to seek revenge. Find the Victorian Gothic homes that caused the uproar at 1223 N. Prospect and 1229-31 N. Prospect Ave.
We looked at all neighborhoods in Milwaukee with sufficient available inventory on ApartmentGuide.com and Rent.com and compared the average price from July 2018 to July 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on July 2019 multifamily rental property inventory on ApartmentGuide.com and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.