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Milwaukee sees largest hike in rental rates
By: Marley Decker//July 18, 2016//
Listen to this articleNew research from an apartment-listing website shows that Milwaukee saw the largest increase in average rental rates in the nation for June.
The rates went up by 15 percent from May to June. The average monthly rent for one-bedroom units in Milwaukee jumped from $880 in June to $1,010 in July, according to a report released by the website ABODO.
Citing research from the Joint Center for Housing Studies, the report stated that 36 percent of U.S. households were in rental units last year.
With the increasing demand for apartment units, vacancy rates have dropped to their lowest point since 1985, according to ABODO. Milwaukee saw its vacancy rate drop from 5.6 percent of all units in the fourth quarter of 2015 to 4.1 percent in the first quarter of 2016.
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