Milwaukee Multifamily Market Q2 2025: Momentum Builds Around Larger Assets

Milwaukee’s multifamily market is showing real strength in 2025, and Q2 was no exception. While many metros across the country are still wrestling with interest rate pressure and tempered deal activity, Milwaukee has managed to chart a different course. The data tells a compelling story—not just about sales velocity, but about investor appetite and where capital is flowing.

Sales Volume Points to Renewed Confidence

Total sales volume in Q2 increased by 340% year-over-year. That type of growth is more than a rebound—it signals continued confidence in the fundamentals of the Milwaukee market. For owners, it means valuations are holding up even in a tighter financing environment. For investors, it reinforces the idea that well-positioned Midwest markets can outperform their coastal counterparts.

Record Number of Units Sold

The 1,231 units sold this quarter marked the highest volume since 2023. That isn’t just a record—it’s proof of momentum. When we see this many units trade hands, it usually reflects two forces working together: owners confident enough to bring assets to market, and investors eager enough to act decisively.

Velocity and Scale: A Shift Toward Larger Buildings

Transaction velocity remained steady with 24 properties sold, matching Q1 2025 and outpacing the same period last year. What stands out, however, is the increase in average building size to 51 units. This shift suggests a rising demand for scale. Larger buildings can bring operational efficiencies, greater stability, and stronger long-term positioning. The fact that three properties over 100 units traded hands this quarter underscores this trend.

What This Means for Owners and Investors

The consistency in quarterly activity shows that Milwaukee’s multifamily market isn’t just experiencing a short-term bump—it’s building a track record. For owners, this is an opportune time to consider whether market momentum aligns with your exit or refinancing goals. For investors, the takeaway is clear: the window for acquiring scale in Milwaukee is open, but competition is increasing.

As someone who advises clients every day in this market, I see Q2 as a turning point. The fundamentals that make Milwaukee attractive—affordability, steady demand, and strong tenant retention—are now paired with increasing investor confidence in larger assets. Heading into the back half of 2025, I expect to see this balance of consistency and scale continue shaping the market.