Milwaukee, WI is a city that has seen an increase in the short-term rental market in recent years. With a growing number of tourists visiting the city and a thriving local economy, it’s no surprise that more and more homeowners are looking to capitalize on this trend. In this blog post, we’ll take a closer look at the Airbnb rental market in Milwaukee, WI and what it means for homeowners and investors.
Milwaukee, WI Real Estate Market Overview
Before we dive into the short-term (Airbnb) rental market in Milwaukee, it’s important to have a general understanding of the local real estate market. According to Zillow, homes in Milwaukee have appreciated by 8.40% over the past year, with the median home value currently at $191,149. This is good news for homeowners, as it means that property values are increasing and there is potential for a high return on investment.
Airbnb Rental Market Overview
According to Chalet, there are currently 1,462 active short-term rentals in Milwaukee, WI. The average daily rate for these rentals is $191.20, and the occupancy rate is 51%. This means that there is a high demand for short-term rentals in Milwaukee, and homeowners can potentially earn a significant amount of money by renting out their homes on a short-term (Airbnb) basis.
The annual revenue for Airbnb rentals in Milwaukee is $29,200 which is a promising figure for homeowners looking to make some extra income.
Average Gross Yield and Property Taxes
The average gross yield for short-term rentals in Milwaukee, WI is 15.28%. This is a strong figure that indicates that homeowners can potentially earn a significant return on investment by renting out their homes on a Airbnb basis. Additionally, the average property tax rate in Milwaukee is 2.53%, according to SmartAsset. While this may seem high, it’s important to keep in mind that short-term rental income can help offset these costs.
Short-Term (Airbnb)Rental Regulation
One factor that homeowners and investors should consider when looking at the short-term rental market in Milwaukee is the local regulations. Fortunately, Milwaukee has relatively investor-friendly regulations when it comes to Airbnb rentals. Homeowners can apply for a license to rent out their homes on a short-term basis, and there are no restrictions on the number of licenses that can be issued. This means that there is a lot of potential for growth in the short-term rental market in Milwaukee.
