Milwaukee and Wisconsin saw some of the fastest-rising rent prices in the U.S. this year

Rent prices continue to rise throughout the country, alongside inflation.

Between March 2023 and March 2024, the annual U.S. inflation rate was 3.5%, compared to the previous rate of 3.2% for the 12 months ending February 2024. This is far from the peak 9.1% inflation rate in June 2022, but rent prices still increased in every U.S. region but the West over the past year, according to data from Rent.com.

In the Midwest, the region with the most modest rent prices in the country, median prices rose 5.3% ― from $1,383 in March 2023 to $1,456 in March 2024. During this time, the median price nationwide went from $1,972 to $1,987.

Midwestern states have seen the sharpest increases in rent prices this year. The region accounted for seven of the 10 states that saw the highest percentage gains in median rent price between March 2023 and March 2024.

Minnesota saw the greatest jump, with its median price rising over 13.3% to $1,679, the Rent.com data shows. Michigan, Kansas and Missouri each saw increases of more than 9% while Indiana, Iowa and Wisconsin saw increases of over 6%.

Both Milwaukee and Wisconsin have seen some of the nation's fastest-rising rents over the past year. Here's how much prices have gone up.

How much has rent risen in Wisconsin over the past year?

Among U.S. states, Wisconsin saw the ninth-greatest increase in median rent price between March 2023 and March 2024, according to Rent.com. Prices increased 6.43% in that period. The state's median price is now $1,602 per month. This figure, along with the others in this Rent.com report, accounts for rent prices for apartments of all bedroom types.

This means Wisconsin rents are over $300 cheaper than the national median price but somewhat more expensive than the Midwest's median of $1,456.

Across the Midwest, Indiana's median rent price is $1,362, according to the report, and Kansas' and Missouri's are just over $1,200. Iowa's is one of the country's lowest at $1,175.

How much has rent risen in Milwaukee over the past year?

The Greater Milwaukee Area is 10th on Rent.com's list of U.S. metro areas with the fastest-rising rents. Between March 2023 and March 2024, median rent prices rose 6.39% in Milwaukee, a similar increase to what occurred statewide.

Milwaukee's median rent price of $1,835 per month puts the city well above the Midwest median of $1,456 but slightly under the national median of $1,987.

Milwaukee finished just behind Chicago, which saw a 6.88% rise in rent prices over the past year. However, the median price for our neighbors to the south is more than $500 higher at $2,358 per month.

Providence, R.I., saw by far the sharpest increase in prices in the past year ― over 16%. This was followed by Jacksonville, Fla., which saw a 10.5% increase. Other Midwestern cities in the top 10 were Minneapolis (7.89% increase), St. Louis (8.28%) and Kansas City, Mo. (8.27%).

What Milwaukee neighborhoods have the most and least expensive rent prices in April 2024?

Like most cities, rent prices differ by neighborhood in Milwaukee.

The trendy Historic Third Ward boasts some of the steepest average prices ― $1,895 for a one-bedroom apartment and $2,955 for a two-bedroom, according to Rent.com data last updated on April 21. Meanwhile, the north side Sherman Park neighborhood has average rents of $675 for a one-bedroom and $750 for a two-bedroom.

Here are the average rent prices for a one-bedroom apartment in a variety of Milwaukee neighborhoods, according to Rent.com:

More: Third Ward's 333 Water high-rise has started leasing apartments. Rents start at $2,200

More: How many neighborhoods are there in Milwaukee? Here's why there's no 'right' answer.

This article originally appeared on Milwaukee Journal Sentinel: Milwaukee has some of the fastest-rising rents in the U.S., data shows