Madison, WI Rental Market Trends
Madison Rent Report: April 2024
Welcome to the Apartment List April 2024 Rent Report for Madison, WI. Currently, the overall median rent in the city stands at $1,541, after rising 2.0% last month. Prices and are now up 6.6% year-over-year. Read on to learn more about what’s been happening in the Madison rental market and how it compares to trends throughout the nation as a whole.
Madison rents are up 2.0% month-over-month and up 6.6% year-over-year
The median rent in Madison rose by 2.0% over the course of March, and has now increased by a total of 6.6% over the past 12 months. Madison’s rent growth over the past year has has outpaced both state (3.3%) and national (-0.8%) averages.
Madison rent growth in 2024 pacing above last year
Three months into the year, rents in Madison have risen 2.6%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.9%.
March rent growth in Madison ranked #2 among large U.S. cities
Madison rents went up 2.0% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #2. Similar monthly rent growth took place in Hialeah, FL (2.2%) and North Las Vegas, NV (1.6%).
Madison is the #39 most expensive large city in the U.S., with a median rent of $1,541
Citywide, the median rent currently stands at $1,411 for a 1-bedroom apartment and $1,621 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,541. That ranks #39 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Madison is 11.0% higher than the national, and is similar to the prices you would find in Orlando, FL ($1,575) and Portland, OR ($1,539).
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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