Madison ranked nation’s 5th hottest small-sized rental market

According to new research from RentCafe, Madison is Wisconsin’s most sought-after renting spot this year, and the fifth hottest small-sized rental market nationwide.

With 97% of Madison rentals already occupied, no less than 29 renters competed for each vacant apartment in 2022. Madison apartments got off the market in just 20 days, 12 days less than the national average. In such market conditions, 67% of renters chose to stay put and renew their leases, more than the national average of 62.7%. New apartments built this year also weren’t enough to keep up with demand, with just 1.38% more units added to the Madison metro inventory in 2022.