Madison Wisconsin Residential Rent and Rental Statistics
The median monthly gross residential rent in Madison, WI (the Madison metro area) was $1,088 in 2019 according to the Census ACS survey.1 Average gross rent in Madison was $1,138 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Madison median and average rent data will be released in September of 2021.
Data is also available below for Madison rental vacancy rates, Madison rent as a percent of median income and the fraction of renters in Madison.
Real Gross Rent in Madison Wisconsin (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Wisconsin Median Gross Rent | $867 | +0.58% | +3.21% |
| Madison, WI Median Gross Rent | $1,088 | +0.55% | +9.35% |
Madison, WI Real Gross Rent Trends
At $1,088, real median gross rent in Madison was at its highest level in 2019 since the series began in 2005. At $1,138, real average gross rent in Madison was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Madison: Madison WI Median, Madison WI Average, Wisconsin Median, US Median
Real Gross Rent History for Madison
| Date | US Median |
Wisconsin Median |
Madison, WI Median |
Madison, WI Average |
|---|---|---|---|---|
| 2019 | $1,097 | $867 | $1,088 | $1,138 |
| 2018 | $1,077 | $862 | $1,082 | $1,111 |
| 2017 | $1,043 | $844 | $1,040 | $1,089 |
| 2016 | $1,027 | $840 | $995 | $1,042 |
| 2015 | $1,017 | $840 | $990 | $1,041 |
| 2014 | $986 | $826 | $945 | $993 |
| 2013 | $953 | $798 | $921 | $990 |
| 2012 | $940 | $790 | $904 | $940 |
| 2011 | $941 | $798 | $933 | $962 |
| 2010 | $955 | $799 | $921 | $976 |
| 2009 | $960 | $807 | $932 | $990 |
| 2007 | $927 | $791 | $938 | $970 |
| 2005 | $910 | $804 | $918 | $965 |
Madison Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Madison Wisconsin was 3.40% according to Census ACS data.
Rental Vacancy Rate in Madison Wisconsin
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Wisconsin | 4.93% | -0.46% | +0.08% |
| Madison, WI | 3.40% | -1.59% | +0.50% |
Trends in Madison, WI Rental Vacancy Rate
The rental vacancy rate in Madison peaked in 2006 at 8.15%. Since then it has fallen by 4.75% to 3.40%. Data records for this series originated in 2005. From a 2015 post peak low of 1.66%, the rental vacancy rate has increased by 1.74%.
Rental Vacancy Rate: Madison WI, Wisconsin, US
Historical Rental Vacancy Rate data for Madison
| Date | US | Wisconsin | Madison, WI |
|---|---|---|---|
| 2019 | 5.97% | 4.93% | 3.40% |
| 2018 | 6.15% | 5.39% | 4.99% |
| 2017 | 6.18% | 5.20% | 4.31% |
| 2016 | 5.89% | 4.85% | 2.90% |
| 2015 | 5.85% | 4.67% | 1.66% |
| 2014 | 6.32% | 4.64% | 2.19% |
| 2013 | 6.49% | 5.22% | 3.37% |
| 2012 | 6.77% | 5.48% | 3.44% |
| 2011 | 7.40% | 5.17% | 3.85% |
| 2010 | 8.17% | 6.16% | 6.58% |
| 2009 | 8.43% | 5.86% | 4.19% |
| 2007 | 7.87% | 6.83% | 7.61% |
| 2005 | 7.74% | 6.49% | 6.55% |
Rent as a Fraction of Income
Using median household income data for Madison, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Madison, median monthly gross rent as a fraction of median household income was 17.28% in 2019 according to the ACS.
Madison Wisconsin Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Wisconsin | 16.21% | -0.51% | -0.73% |
| Madison, WI | 17.28% | -0.82% | +0.64% |
Trends in Madison, WI Rent as a Fraction of Income
The fraction of median Madison household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 18.10%. Since then it has fallen by 0.82% to 17.28%.
Fraction of Income towards Rent: Madison WI, Wisconsin, US
Historical Data for Annual Rent as a Fraction of Income in Madison Wisconsin
| Date | US | Wisconsin | Madison, WI |
|---|---|---|---|
| 2019 | 20.03% | 16.21% | 17.28% |
| 2018 | 20.50% | 16.72% | 18.10% |
| 2017 | 20.13% | 16.57% | 16.98% |
| 2016 | 20.43% | 16.94% | 16.64% |
| 2015 | 20.63% | 17.08% | 17.45% |
| 2014 | 20.89% | 17.83% | 17.63% |
| 2013 | 20.78% | 17.67% | 17.66% |
| 2012 | 20.65% | 17.46% | 17.32% |
| 2011 | 20.70% | 17.60% | 17.37% |
| 2010 | 20.50% | 17.51% | 17.17% |
| 2009 | 20.12% | 16.99% | 17.31% |
| 2007 | 18.66% | 15.97% | 16.04% |
| 2005 | 18.89% | 16.38% | 16.53% |
Renter Fraction in Madison Wisconsin
You can calculate the renter fraction in Madison in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Madison as a fraction of total Madison households. In 2019 39.40% of households were renters according to Census ACS data.
Madison Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Wisconsin | 32.80% | -0.06% | -0.54% |
| Madison, WI | 39.40% | +0.39% | +1.84% |
Trends in the Madison, WI Renter Fraction
The Madison household renter fraction peaked in in 2014 at 39.96% and is now 0.56% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Madison WI, Wisconsin, US
History of Madison Renter Fraction
| Date | US | Wisconsin | Madison, WI |
|---|---|---|---|
| 2019 | 35.89% | 32.80% | 39.40% |
| 2018 | 36.05% | 32.86% | 39.01% |
| 2017 | 36.13% | 33.39% | 38.65% |
| 2016 | 36.88% | 33.34% | 37.56% |
| 2015 | 36.97% | 33.21% | 39.39% |
| 2014 | 36.90% | 33.40% | 39.96% |
| 2013 | 36.50% | 32.82% | 39.44% |
| 2012 | 36.09% | 32.71% | 38.95% |
| 2011 | 35.42% | 32.15% | 38.87% |
| 2010 | 34.65% | 31.30% | 37.15% |
| 2009 | 34.13% | 31.02% | 37.72% |
| 2007 | 32.80% | 29.92% | 32.50% |
| 2005 | 33.10% | 29.88% | 38.09% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
