Madison, WI Apartment Vacancy Rates

MG&E publishes quarterly data on the latest apartment vacancy rates in Madison, including rates broken down by zip code. This data is an excellent resource for renters, investors, buyers, and sellers. When multifamily vacancy rates are low, this means rental supply is tight and rents are on the rise. When apartment supply is low and rents rise, renters have financial incentive to buy a home or condo instead of paying rent. As the data below shows, vacancy rates are inching higher with the increase in multifamily construction.

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Madison Apartment Vacancy Rate: Q3, 2018

The latest data from Madison Gas & Electric covers Quarter 3 (July - Sept) of 2018. The graph below shows the Madison area multifamily vacancy rate for every Q3 from 2004 - 2018. The Q3 vacancy rate was the second highest since 2011. Rates are rising but remain low even though multifamily construction is booming and the supply of apartments has increased by several thousand units over the last few years. Dane County's growing population is absorbing much of the new inventory and keeping rates low. 

Annual Madison Multifamily Vacancy Rates: 2004-2017

This second graph shows the annual Madison area multifamily vacancy rate for each of the last 14 years. Rates rose in 2017 but remained below 4%. 

Madison Apartment Vacancy Rates - Historical Statistics

This table shows the Madison area multifamily vacancy rate for each quarterly, year-to-date, and annual time period dating back 2004. A red data point indicates an increase from the same time period of the previous year. A green data point indicates a decrease. Although vacancy rates have risen slightly in the last few years, they remain well below the rates from 12 years ago. Note the seasonality of the data below. Rates tend to be highest in Q2 and Q3 and lowest in Q1 and Q4. 

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