Milwaukee, WI Airbnb Market Data, Statistics, and Occupancy Rates

Milwaukee Short-Term Rental Market Overview

Milwaukee's short-term rental market earns an ROI score of 74 out of 100, landing in the "Attractive Opportunity" category thanks largely to an above-average revenue-to-price ratio. With average home values around $307,365 and annual STR revenue averaging $26,073, investors can achieve meaningful yield relative to acquisition costs. The market currently hosts 743 active Airbnb listings with a pronounced summer peak, making it a seasonally driven but financially accessible entry point for STR investors in the Midwest.

Key Market Statistics

According to Rabbu market data, the Milwaukee short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026.

Why Investors Consider Milwaukee

Milwaukee attracts STR investors with an above-average revenue-to-price ratio, affordable entry costs, and strong seasonal demand driven by events, tourism, and its lakefront location.

Expert Market Assessment

"Milwaukee presents a moderate-to-strong opportunity for STR investors who can tolerate pronounced seasonality. Revenue swings from a January low of $1,161 to a July high of $3,282 — nearly a 3x spread — meaning cash reserves and pricing strategy matter during the colder months. The market's above-average revenue-to-price ratio is its standout feature, partially offsetting occupancy that tracks below the Wisconsin state average at 32%. Investors targeting larger properties stand to capture the most revenue, though the rapid 119% year-over-year listing growth warrants close attention to whether demand is keeping pace with new supply."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Milwaukee

Average revenue by month in Milwaukee

Milwaukee's revenue curve is sharply seasonal, peaking at $3,282 in July and bottoming at $1,161 in January — a nearly 3x spread that underscores the importance of summer tourism. The shoulder months of May through October all clear $2,300, giving hosts about six months of stronger cash flow before the winter slowdown.

Active Airbnb listings by property size in Milwaukee

Two-bedroom properties lead supply with 254 listings, followed closely by 1-bedrooms at 203, meaning these sizes face the most direct competition. Larger configurations are far less common — just 20 five-bedroom and 24 six-plus-bedroom listings — suggesting potential opportunity for investors willing to operate bigger properties in a less crowded segment.

Average daily rate (ADR) by property size in Milwaukee

ADR climbs steeply with bedroom count, from $82 for studios to $521 for 6+ bedroom properties, with a notable jump between 4-bedrooms ($262) and 5-bedrooms ($423). The premium commanded by larger homes is substantial, though investors should weigh this against higher acquisition and operating costs.

Average RevPAN by property size in Milwaukee

RevPAN scales progressively with property size, from $30 for studios up to $169 for 6+ bedroom listings, indicating that larger units generate significantly more revenue per available night even after factoring in occupancy. Four-bedroom properties at $78 RevPAN represent a solid middle ground between capital outlay and per-night earnings.

Average occupancy rates by property size in Milwaukee

Studios and 1-bedrooms lead occupancy at 37% and 36% respectively, while 3-bedroom and 5-bedroom units dip to 27%, suggesting smaller properties offer more consistent booking frequency. Interestingly, 6+ bedroom properties recover to 33% occupancy, likely driven by group travel demand that keeps these larger homes competitive.

Average monthly revenue by property size in Milwaukee

Monthly revenue ranges from $1,283 for studios to $8,029 for 6+ bedroom properties, with a clear inflection point at the 4-bedroom mark ($3,984) where revenue nearly doubles compared to 2-bedrooms ($2,066). Investors targeting higher monthly cash flow will find the strongest returns in the 4+ bedroom segment, though these properties are also more capital-intensive.

Average annual revenue by property size in Milwaukee

Annual revenue potential climbs from $15,404 for studios to $96,358 for 6+ bedroom properties, with 4-bedroom homes generating $47,810 — roughly double the market-wide average of $26,073. Given Milwaukee's average home value of $307,365, larger properties that can command these premiums offer the most compelling revenue-to-price ratios.

Most common amenities for Airbnb listings in Milwaukee

Kitchens (98%) and parking (93%) are near-universal, reflecting guest expectations for home-like convenience in a car-dependent Midwest market. Self check-in at 83% and washer/dryer availability around 75–76% have become baseline requirements, while differentiators like hot tubs (3%) and lake access (4%) remain rare and could help listings stand out.

Understanding Milwaukee's ROI Score: 74/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Milwaukee's ROI score of 74 out of 100 places it in the "Attractive Opportunity" band, driven primarily by an above-average revenue-to-price ratio — meaning investors can expect relatively strong yield compared to property acquisition costs. Occupancy stability, market growth, and supply/demand balance all rate as average, suggesting a healthy but not exceptional demand environment that warrants attention to seasonal cash flow planning. Pairing this data with thorough local regulatory research and a clear understanding of seasonal dynamics will help investors determine if Milwaukee aligns with their return targets.

Short-Term Rental Regulations in Milwaukee

Understanding local STR regulations is essential before investing in Milwaukee. Here's the current regulatory landscape:

Permit Requirements

Milwaukee, Wisconsin may require short-term rental operators to obtain a permit or register their property with the city before listing on platforms like Airbnb. Investors should verify current permit requirements directly with the City of Milwaukee's licensing department and the State of Wisconsin's regulations before purchasing a property.

Key Restrictions

Common STR restrictions in markets like Milwaukee can include occupancy limits, minimum stay requirements, noise and nuisance ordinances, parking provisions, and HOA rules that may prohibit or limit short-term rentals. Some municipalities also impose caps on the number of permits issued in certain neighborhoods, so it's important to research whether any such limits apply to your target area.

Tax Obligations

Short-term rental hosts in Wisconsin are typically subject to state and local room taxes, sales tax, and potentially a city-specific tourism or occupancy tax. Platforms like Airbnb often collect and remit some of these taxes automatically, but operators should confirm their full obligations with a local tax professional to ensure compliance.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Milwaukee can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Milwaukee's STR market is expected to maintain its seasonal rhythm, with peak monthly revenues in the $3,000–$3,300 range during June through August and softer winter months closer to $1,200–$1,700. Active listing counts grew 119% year over year, which could moderate occupancy gains if demand doesn't keep pace — though the city's convention calendar, Summerfest draw, and lakefront tourism provide a solid demand floor. Investors should anticipate ADR holding near the current $174 average, with modest upside of 1–3% possible if supply growth stabilizes. Occupancy, currently at 32% versus the 38% state average, may face continued pressure from new inventory entering the market."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Milwaukee, WI

What is the average Airbnb occupancy rate in Milwaukee?

The average occupancy rate for Airbnb listings in Milwaukee is currently 32%, which sits below the Wisconsin state average of 38%. Occupancy varies by property size, with studios and 1-bedroom units performing best at 37% and 36% respectively, while 3-bedroom and 5-bedroom properties average around 27%. Seasonality plays a significant role — summer months drive the bulk of bookings, so annual occupancy figures reflect quieter winter periods pulling down the average.

How much do Airbnb hosts make in Milwaukee?

On average, Airbnb hosts in Milwaukee earn approximately $2,172 per month or $26,073 per year based on trailing 12-month booking data. Earnings vary significantly by property size: studios average about $1,283/month while 6+ bedroom properties can bring in around $8,029/month. Peak summer months like July see average revenues around $3,282, compared to winter lows near $1,161 in January. Individual results depend on property quality, location, pricing strategy, and amenities offered.

Is Milwaukee a good market for Airbnb investment?

Milwaukee scores 74 out of 100 on Rabbu's ROI Score, placing it in the "Attractive Opportunity" category. The market's strongest attribute is its above-average revenue-to-price ratio — with average home values around $307,365 and annual revenue averaging $26,073, investors can achieve a favorable yield relative to acquisition cost. That said, occupancy runs below the state average and the market is heavily seasonal, so investors should plan for lighter winter months and factor the rapid growth in active listings (119% year-over-year) into their projections.

What is the average daily rate (ADR) for Airbnb in Milwaukee?

The current average daily rate for Airbnb listings in Milwaukee is $174, which is well below the Wisconsin state average of $368. ADR scales considerably with property size: studios average $82 per night, 2-bedrooms come in at $139, and 6+ bedroom properties command $521 per night. This lower-than-state-average ADR reflects Milwaukee's accessible pricing, which contributes to the market's attractive revenue-to-price ratio for investors.

Are short-term rentals legal in Milwaukee?

Short-term rentals do operate in Milwaukee, with 743 active Airbnb listings currently on the platform. However, regulations can change, and hosts may need to obtain permits or licenses from the City of Milwaukee and comply with Wisconsin state requirements. Investors should check directly with local authorities regarding permit requirements, zoning restrictions, and any neighborhood-specific rules before committing to a purchase.

When is peak season for Airbnb in Milwaukee?

Peak season in Milwaukee runs from June through August, with July being the single highest-earning month at an average revenue of $3,282 per listing. August follows closely at $3,218, and June rounds out the summer peak at $2,990. The shoulder months of May, September, and October still perform reasonably well ($2,322–$2,562), while winter months from December through February represent the softest period, with January bottoming out at $1,161.

How many Airbnbs are there in Milwaukee?

As of April 2026, there are 743 active Airbnb listings in Milwaukee. The supply is dominated by 1-bedroom (203 listings) and 2-bedroom (254 listings) properties, which together account for over 60% of inventory. Larger properties are less common — there are only 20 five-bedroom and 24 six-plus-bedroom listings — which may represent an opportunity for investors targeting the higher-revenue segment. Notably, active listings have grown 119% year-over-year, indicating rapidly increasing supply.

How is Airbnb revenue calculated in Milwaukee?

The annual and monthly revenue figures shown for Milwaukee are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market — they are not forward-looking projections. Rabbu averages each comparable listing's actual revenue per available night (RevPAN) by month over the past year, removes regional outliers, and rolls the remaining data up to a market-level historical average. Because each month uses its own historical performance, the figures naturally reflect seasonal peaks and slower periods. Individual results can vary meaningfully based on property quality, location, pricing strategy, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts by market and property size
• Average daily rates, occupancy rates, and RevPAN metrics across multiple bedroom configurations
• Monthly and annual revenue trends based on trailing 12-month historical booking data
• Home value benchmarks sourced from the Zillow Home Value Index (ZHVI)
• Data from Rabbu proprietary analytics combined with third-party sources for consistency

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Data reflects trailing 12-month historical averages and market conditions as of April 2026; actual results may differ as conditions evolve. Local regulations, permit requirements, and tax obligations vary and should be independently verified before making investment decisions.