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Best Places to Airbnb in Wisconsin: Investment Properties near Milwaukee

Last updated on August 11th, 2023

Best Places to Airbnb in Wisconsin: Investment Properties near Milwaukee: Looking for investment properties in Milwaukee? Check out the best places to Airbnb in Milwaukee, Wisconsin and maximize your profitability!

Best Places to Airbnb in Wisconsin: Investment Properties near Milwaukee

best places to Airbnb in Wisconsin

Best Places to Airbnb in Wisconsin: Investment Properties near Milwaukee

Looking for investment properties in Milwaukee? Check out the best places to Airbnb in Milwaukee, Wisconsin and maximize your profitability!

Key Takeaways

  • Milwaukee’s privileged location, affordable housing market, and low cost of living helped a great number of hosts in the city earn a nice passive income. This city is also an STR-friendly city, which contributed to the success of property investors.
  • Find out what real estate investors can expect when investing in an Airbnb property in Milwaukee and nearby areas. 
  • Discover the top 10 profitable neighborhoods and cities near Milwaukee along with their respective Airbnb data.

Introduction

Milwaukee is situated on the eastern bank of Lake Michigan. It is also one of the most ethnically and culturally diverse cities in the US. This city is a lively metropolis and enjoys a unique worldwide reputation as the home of the iconic Harley-Davidson motorcycles. 

In Milwaukee, you will find diverse and vibrant neighborhoods, friendly people, as well as many leisure activities in a clean and walkable city! In addition to these aspects, you can enjoy all the city has to offer while drinking its top-quality beers.

At this point, you may be wondering, which area in Milwaukee should you target for Airbnb investment property?

We will lend you a hand! In this article, we’ll talk about the best places to Airbnb in Milwaukee, Wisconsin and some of the expectations for investing in a short-term rental property. Interested in learning more? Then continue reading.

Why invest in an Airbnb in Milwaukee, Wisconsin?

Milwaukee is an interesting market to invest in for property investors. This city is widely known for being the most ethnic city in the country, but check out some of the major reasons why Airbnb in Milwaukee is a good investment: 

  • Affordable housing market

One of the best things that property investors will find in Milwaukee is its affordable housing market! The median home value in this city is 37% lower than the US average and 31% less expensive than other cities in the state. 

According to Zillow Index, the average property price is $174,111 with a 1-year value change of 7.4%. There are a variety of housing options in different neighborhoods, hence, you will surely find your dream property for Airbnb in this city.

  • Great location

Milwaukee enjoys a privileged location since it’s close to important cities like Madison and Chicago, IL. On top of that, it’s quite easy to travel to other major cities such as Minneapolis and Muskego with the Lake Express Ferry and the Amtrak as they offer multiple daily departures.

If you choose to travel by air, Milwaukee has the Mitchell International Airport, which is just 8 miles away from downtown. Then, Chicago’s O’Hare International Airport is just 78 miles away (1-hour drive) from Milwaukee.

  • Milwaukee is an STR-friendly city

Investing in an Airbnb property can become a great source of income, however, it requires a lot of time, research and money. Some cities may have stricter regulations for Airbnb rentals, but luckily, that is not the case in Milwaukee! This city in Wisconsin is one of the top STR-friendly areas in the US since it doesn’t have strict regulations. Still, property investors should note that they still are required to pay state and local taxes.

Is Airbnb Profitable in Milwaukee?

Airbtics confirms that Airbnb real estate investments in Milwaukee are profitable. Yet, investors should note that the level of profitability depends on the location and property type.

Based on Airbtics’ data, an Airbnb host can expect an annual revenue of $65,610 occupancy rate of 74% for operating a 4-bedroom property in Milwaukee, Wisconsin.

best places to Airbnb in Wisconsin

Source: Airbtics Dashboard

The 10 Best Places to Airbnb nearby Milwaukee, WI

Milwaukee is one of the most populated cities in the US and is the second largest city in Lake Michigan. It has 119 designated neighborhoods. So you may wonder, “which area should I target in Milwaukee for a real estate investment?”– don’t worry, we got you! 

Check out the best neighborhoods and nearby cities in Milwaukee, Wisconsin that are highly recommended for starting an Airbnb business:

airbtics-logo-300x87
Location Number of Airbnb Listings Best Number of Bedrooms Median Property Price Airbnb Annual Revenue GRY
Bay View, Milwaukee 104 2 Bedrooms $205,000 (2 BD) $41,352 20.17%
Wauwatosa, Milwaukee 70 4 Bedrooms $299,900 (4 BD) $78,349 26.13%
Lower East Side, Milwaukee 82 3 Bedrooms $199,900 (3 BD) $38,540 19.28%
Brewer's Hill, Milwaukee 16 1 Bedroom $128,000 (1 BD) $39,770 31.07%
Lake Geneva, WI (49 mi away) 41 2 Bedrooms $274,900 (2 BD) $51,438 18.71%
Sheboygan, WI (58 mi away) 69 4 Bedrooms $239,900 (4 BD) $57,135 23.82%
Madison, WI (79 mi away) 230 2 Bedrooms $275,000 (2 BD) $53,318 19.38%
Green Bay, WI (103 mi away) 151 3 Bedrooms $229,000 (3 BD) $66,990 29.25%
Chicago, IL (84 mi away) 3,318 4 Bedrooms $368,900 (4 BD) $109,551 29.69%
Naperville, IL (105 mi away) 29 2 Bedrooms $309,000 (2 BD) $85,370 27.63%

Airbnb Location

Airbnb Dataset

Bay View, Milwaukee

  • Total Number of Airbnb Listings: 104
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $205,000
  • Airbnb Annual revenue: $41,352
  • Gross rental yield: 20.17%

Wauwatosa, Milwaukee

  • Total Number of Airbnb Listings: 70
  • Best bedroom size: 4 bedrooms
  • Median property price (4 bedrooms): $299,900
  • Airbnb Annual revenue: $78,349
  • Gross rental yield: 26.13%

Lower East Side, Milwaukee

  • Total Number of Airbnb Listings: 82
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $199,900
  • Airbnb Annual revenue: $38,540
  • Gross rental yield: 19.28%

Brewer’s Hill, Milwaukee

  • Total Number of Airbnb Listings: 16
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): $128,000
  • Airbnb Annual revenue: $39,770
  • Gross rental yield: 31.07%

Lake Geneva, WI

  • Distance from Milwaukee: 49 miles
  • Total Number of Airbnb Listings: 41
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $274,900
  • Airbnb Annual revenue: $51,438
  • Gross rental yield: 18.71%

Sheboygan, WI

  • Distance from Milwaukee: 58 miles 
  • Total Number of Airbnb Listings:  69
  • Best bedroom size: 4 bedrooms
  • Median property price (4 bedrooms): $239,900
  • Airbnb Annual revenue: $57,135
  • Gross rental yield: 23.82%

Madison, WI

  • Distance from Milwaukee: 79 miles 
  • Total Number of Airbnb Listings: 230
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $275,000
  • Airbnb Annual revenue: $53,318
  • Gross rental yield: 19.38%

Green Bay, WI

  • Distance from Milwaukee: 103 miles 
  • Total Number of Airbnb Listings: 151
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): $229,000
  • Airbnb Annual revenue: $66,990
  • Gross rental yield: 29.25%

Chicago, IL

  • Distance from Milwaukee: 84 miles
  • Total Number of Airbnb Listings: 3,318
  • Best bedroom size: 4 bedrooms
  • Median property price (4 bedrooms): $368,900
  • Airbnb Annual revenue: $109,551
  • Gross rental yield: 29.69%

Naperville, IL

  • Distance from Milwaukee: 105 miles 
  • Total Number of Airbnb Listings: 29
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): $309,000
  • Airbnb Annual revenue: $85,370
  • Gross rental yield: 27.63%

Source: Airbtics Dashboard

Takeaway

Nearby cities and neighborhoods in Milwaukee offer a variety of great property investment opportunities to investors. While there are many areas that you can discover and can bring attractive rental yields and annual revenue, it’s always recommended to analyze them carefully.

Now that you discovered the best places to Airbnb in Milwaukee, Wisconsin, we also recommend you take the next step and check Airbtics’ short-term rental calculator. Choose to stand out among other hosts while maximizing your profitability now!

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