Airbnb City Guide: The Best Places To Invest in Milwaukee, Wisconsin

Airbnb Rules and Regulations in Milwaukee, Wisconsin

Milwaukee allows short-term rentals to operate without significant restrictions, which is in line with Wisconsin's statewide law, which limits the local government's ability to regulate these properties. Hosts are not required to obtain a special permit or license from the city, although they must acquire a state-level "tourist rooming house" permit and pay applicable taxes, including state sales tax (5%), county tax (0.5%), and local room taxes which can reach 10%.

The city considered implementing new rules in 2023, such as a registration system, limits on the number of properties an individual can rent out, and citing owners for repeated disturbance complaints. However, after further review, officials ultimately decided against enacting comprehensive regulations, leaving hosts largely free to rent out their properties as they see fit. While some basic restrictions like occupancy limits and quiet hours may apply through general city ordinances, Milwaukee maintains a hands-off approach to properties on booking sites as the short-term rental market continues to grow.

Milwaukee Airbnb Market Data:

• Average Revenue – $19.6K per year
• Average Daily Rate – $134 per night
• Average Occupancy Rate – 51%
• Average RevPAR – $71
• Average Home Prices – $191,149

1. Top Place to Invest in Milwaukee, Wisconsin - Wauwatosa

Wauwatosa, a charming suburban city just west of Milwaukee, offers a perfect blend of small-town ambiance and urban convenience. With its thriving business district, picturesque parks, and proximity to major attractions, Wauwatosa has become an increasingly popular destination for both residents and visitors alike.

Wauwatosa Airbnb Market Data:

• Average Revenue – $16.4K per year
• Average Daily Rate – $123.6 per night
• Average Occupancy Rate – 50%
• Average RevPAR – $63.1

Convenience - 8/10

Wauwatosa boasts a highly walkable and bikeable layout, with easy access to grocery stores, restaurants, and shops. The city's well-maintained streets and efficient public transportation system make getting around a breeze. However, some areas may require a car for optimal convenience.

Tourist Attractions - 7/10

While Wauwatosa may not have the same tourist draw as downtown Milwaukee, it still offers a variety of attractions. The Annunciation Greek Orthodox Church's stunning architecture and annual Greek Fest is a notable landmark. The city also features several parks, including Hoyt Park and Pool, which provide ample opportunities for outdoor recreation.

Things to Do - 7/10

Wauwatosa offers a diverse array of activities for residents and visitors. The Mayfair Mall, one of the largest shopping centers in Wisconsin, is a popular destination for retail therapy. The city also hosts numerous community events throughout the year, such as the Tosa Farmers Market and the Tosa Tonight summer concert series.

Average Home Prices - 6/10

As of 2024, the median home price in Wauwatosa is $350,000, according to Zillow data. This represents a modest 2% appreciation rate over the past year, indicating a relatively stable housing market. While prices are higher than the Milwaukee average, Wauwatosa's strong school district and low crime rates make it an attractive option for families and professionals.

Proximity to Work-Related Travel - 8/10

Wauwatosa is conveniently located near several major employers, including the Milwaukee Regional Medical Center, which houses several hospitals and research facilities. The city is also just a short drive from downtown Milwaukee, making it an ideal location for those who need to travel to the city's convention centers or sports venues.

X-Factor - 7/10

What sets Wauwatosa apart is its strong sense of community and small-town charm. The city's historic downtown district, known as "The Village," features a variety of locally-owned shops, restaurants, and cafes. This unique blend of suburban comfort and urban amenities makes Wauwatosa an increasingly desirable location for starting a new Airbnb business.

2. Top Place to Invest in Milwaukee, Wisconsin - Walker's Point

Walker's Point, one of Milwaukee's oldest neighborhoods, seamlessly blends history with modern vibrancy. This diverse area, nestled along the Milwaukee and Menomonee Rivers, has undergone a remarkable transformation in recent years, making it an attractive destination for both residents and visitors alike.

Walker's Point Airbnb Market Data:

• Average Revenue – $29.5K per year
• Average Daily Rate – $178.8 per night
• Average Occupancy Rate – 50%
• Average RevPAR – $96.8

Convenience - 8/10

Walker's Point boasts an incredibly walkable layout, with most amenities within easy reach. The neighborhood's well-maintained streets and efficient public transportation system, including proposed streetcar extensions, ensure that getting around is a breeze. However, some areas may still require a car for optimal convenience.

Tourist Attractions - 7/10

While Walker's Point may not have the same tourist draw as downtown Milwaukee, it offers a unique array of attractions. The Walker's Point Center for the Arts showcases local talent and provides engaging programs for all ages. Visitors can also explore the neighborhood's rich history through its distinctive architecture, featuring Greek Revival, Federal, and Italianate styles.

Things to Do - 8/10

From eclectic dining options to vibrant nightlife, Walker's Point has something for everyone. Foodies will delight in the diverse culinary scene, with restaurants like Odd Duck and La Merenda serving up globally inspired dishes. The neighborhood also boasts a thriving arts community, with galleries, studios, and performance spaces dotting the streets.

Average Home Prices - 7/10

As of 2024, the median home value in Walker's Point is $249,900, according to Zillow data. This represents a modest 3% appreciation rate over the past year, indicating a relatively stable housing market. While prices are higher than the Milwaukee average, Walker's Point's unique character and growing popularity make it an attractive option for investors.

Proximity to Work-Related Travel - 8/10

Walker's Point is conveniently located near several major employers, including the Aurora Walker's Point Community Clinic and the Global Water Center. The neighborhood's proximity to downtown Milwaukee and easy access to major highways make it an ideal location for those who need to travel for work and as a dedicated corporate rental.

X-Factor - 9/10

What sets Walker's Point apart is its unparalleled blend of old and new. The neighborhood's rich history is evident in its stunning architecture and longstanding institutions, while recent revitalization efforts have brought fresh energy to the area. This unique combination creates a charming and exciting atmosphere, making Walker's Point a highly desirable location for short-term rental businesses.

3. Top Place to Invest in Milwaukee, Wisconsin - West Allis

Nestled just west of Milwaukee, West Allis offers a perfect blend of suburban charm and urban convenience. With its rich history, thriving business district, and easy access to the Milwaukee metropolitan area, West Allis has become an increasingly attractive destination for both residents and investors alike.

West Allis Airbnb Market Data:

• Average Revenue – $15.8K per year
• Average Daily Rate – $116.5 per night
• Average Occupancy Rate – 49%
• Average RevPAR – $56.7

Convenience - 8/10

West Allis boasts a highly walkable layout, with most amenities within easy reach. The city's well-maintained streets and efficient public transportation system make getting around a breeze. However, some areas may still require a car for optimal convenience.

Tourist Attractions - 6/10

While West Allis may not have the same tourist draw as downtown Milwaukee, it offers a unique array of attractions. The Wisconsin State Fair Park, home to the annual state fair and numerous other local events throughout the year, is a major draw. The Pettit National Ice Center, an official U.S. Olympic training facility, attracts athletes and visitors from around the world.

Things to Do - 7/10

From the famous West Allis Farmers Market to the vibrant downtown district, this charming city has no shortage of things to do. Foodies will delight in the diverse culinary scene, with restaurants like Corvina Wine Company and Mis Suenos serving up delectable dishes. The city also boasts numerous parks and trails, perfect for outdoor enthusiasts.

Average Home Prices - 7/10

As of 2024, the median home value in West Allis is $238,489, according to Zillow data. This represents a modest 10.9% appreciation rate over the past year, indicating a relatively stable housing market. While prices are higher than the Milwaukee average, West Allis' unique charm and growing popularity make it an attractive option for investors.

Proximity to Work-Related Travel - 8/10

West Allis is conveniently located near several major employers, including Aurora West Allis Medical Center and the Milwaukee VA Medical Center. The city's proximity to downtown Milwaukee and easy access to major highways make it an ideal location for those who need to travel for work, whether it's to the Wisconsin Center, Fiserv Forum, or American Family Field.

X-Factor - 8/10

Its strong sense of community and rich history sets West Allis apart. The city's annual events, such as the Downtown West Allis Christmas Parade and A La Carte, bring residents together and attract visitors from throughout the region. The historic downtown district's unique shops and restaurants add to the city's charm and appeal. This combination of small-town feel and big-city amenities makes West Allis a highly desirable location for Airbnb and short-term rental investors.

4. Top Place to Invest in Milwaukee, Wisconsin - Brewer's Hill

Brewer's Hill, a historic neighborhood located just north of downtown Milwaukee, has undergone a remarkable transformation in recent years. Once home to the city's brewing industry, this area boasts a perfect blend of old-world charm and modern amenities, making it an increasingly attractive destination for residents and investors.

Brewer's Hill Airbnb Market Data:

• Average Revenue – $18.3K per year
• Average Daily Rate – $133.6 per night
• Average Occupancy Rate – 46%
• Average RevPAR – $62.7

Convenience - 9/10

One of Brewer's Hill's greatest assets is its unbeatable location. Located within walking distance of downtown Milwaukee, residents can access the city's best restaurants, shops, and entertainment venues easily. The neighborhood's well-maintained streets and ample public transportation options make getting around a breeze.

Tourist Attractions - 7/10

While Brewer's Hill may not have the same tourist draw as some of Milwaukee's more well-known neighborhoods, it still offers a unique array of attractions. The historic Pabst Brewery Complex, now repurposed as a mixed-use development, is a major draw for history buffs and architecture enthusiasts. The neighborhood also boasts several parks and green spaces, perfect for outdoor recreation.

Things to Do - 8/10

Brewer's Hill has no shortage of things to do, from trendy cafes to eclectic boutiques. Foodies will delight in the neighborhood's burgeoning culinary scene, with restaurants like Char'd and The Diplomat serving up delectable dishes. The area also hosts numerous community events throughout the year, including the popular Brewer's Hill Association Summer Concert Series.

Average Home Prices - 6/10

As of 2024, the median home value in Brewer's Hill is $349,900, according to Zillow data. This represents a modest 2.8% appreciation rate over the past year, indicating a relatively stable housing market. While prices are higher than the Milwaukee average, Brewer's Hill's unique character and prime location make it an attractive option for investors.

Proximity to Work-Related Travel - 9/10

Brewer's Hill's proximity to downtown Milwaukee makes it an ideal location for those who need to travel for work. The neighborhood is just a short walk or bike ride from major employers like Northwestern Mutual and Johnson Controls and popular event venues like the Wisconsin Center and Fiserv Forum.

X-Factor - 8/10

What sets Brewer's Hill apart is its unparalleled blend of history and modernity. The neighborhood's stunning Victorian mansions and restored industrial buildings create a unique architectural landscape that is both charming and trendy. This, combined with the area's growing popularity and prime location, makes Brewer's Hill a highly desirable location for Airbnb and short-term rental investors.

5. Top Place to Invest in Milwaukee, Wisconsin - West Milwaukee

West Milwaukee, a small village nestled within the Milwaukee metropolitan area, offers a unique blend of urban convenience and small-town charm. With its strategic location, affordable housing options, and easy access to major attractions, West Milwaukee has become an increasingly attractive destination for investors seeking to establish their own short-term rental business and capitalize on the growing market.

West Milwaukee Airbnb Market Data:

• Average Revenue – $14.3K per year
• Average Daily Rate – $145.9 per night
• Average Occupancy Rate – 34%
• Average RevPAR – $49.3

Convenience - 8/10

Despite its small size, West Milwaukee boasts a highly convenient location. Situated just minutes from downtown Milwaukee, residents can access the city's best restaurants, shops, and entertainment venues easily. The village's well-maintained streets and ample public transportation options make getting around a breeze, while its proximity to major highways ensures quick and easy travel to other parts of the Milwaukee metropolitan area.

Tourist Attractions - 5/10

As a primarily residential community, West Milwaukee may not have the same tourist draw as some of Milwaukee's more well-known neighborhoods. However, the village's location puts it within easy reach of many of the city's top attractions, including the Milwaukee Art Museum, the Harley-Davidson Museum, and the Wisconsin Center.

Things to Do - 6/10

While West Milwaukee may not have the same variety of entertainment options as larger neighborhoods, it still offers a range of activities for residents and visitors alike. The village is home to several parks and green spaces, including the popular West Milwaukee Park, which features a playground, basketball courts, and a picnic area. The nearby Pettit National Ice Center, an official U.S. Olympic training facility, offers public skating sessions and hockey leagues for all ages.

Average Home Prices - 8/10

One of West Milwaukee's greatest strengths is its affordable housing options. As of 2024, the median home value in West Milwaukee is $189,900, according to Zillow data. This represents a modest 3.2% appreciation rate over the past year, indicating a stable and growing housing market. With prices significantly lower than the Milwaukee average, West Milwaukee offers investors an opportunity to enter the market at a lower cost while still benefiting from the area's strong rental demand.

Proximity to Work-Related Travel - 7/10

West Milwaukee's location puts it within easy reach of many of Milwaukee's major employers, including Aurora Health Care, Advocate Aurora Health, and Rockwell Automation. The village's proximity to downtown Milwaukee and easy access to major highways also make it a convenient base for those who need to travel for work, whether it's to the Wisconsin Center, Fiserv Forum, or other popular event venues.

X-Factor - 7/10

What sets West Milwaukee apart is its unique combination of affordability, convenience, and potential for growth. As the Milwaukee metropolitan area continues to expand, West Milwaukee is well-positioned to benefit from increased demand for housing and short-term rentals. The village's small-town feel and strong sense of community also make it an attractive option for investors seeking a more laid-back and personable investment experience.