Milwaukee

As of May 2026, Milwaukee, Madison, Lake Geneva have 3,541 active Airbnb and VRBO listings. This represents a 6% decrease from the previous year.

The average Airbnb or VRBO in Milwaukee generates $41K per year. High-performing properties earn $93K/year, while low-performing properties earn $19K/year. The stark disparity between top and bottom earners suggests that revenue performance is highly sensitive to listing-specific optimization, as the market contraction in revenue outpaces the modest reduction in available supply.

Average home prices in Milwaukee vary by property size: 1-bedroom properties cost approximately $177K, 2-bedroom homes average $267K, 3-bedroom properties are around $371K, and 4+ bedroom homes average $451K. These prices reflect median home values across the Milwaukee, Madison, Lake Geneva area.

Airbnb and VRBO can be profitable in Milwaukee, with an average gross yield of 11% across all properties. High-performing properties achieve yields up to 24%, which is considered top for short-term rental investment. This wide spread in yield indicates that while the broader market faces revenue headwinds, top-tier assets successfully capture disproportionate value despite the current supply-demand tightening.

The average occupancy rate for Airbnbs and VRBOs in Milwaukee is 34%. This occupancy level, combined with an average nightly rate of $308, results in a RevPAR (revenue per available room) of $76 per day.

4+ bedroom properties demonstrate the strongest performance in Milwaukee, with an average gross yield of 16% and annual revenue of $72K. These properties balance purchase price ($451K), operating costs, and rental demand most effectively in the Milwaukee market.

Short-term rental regulations vary by jurisdiction in the Milwaukee area. Milwaukee: Moderate. License required, owner-occupancy mandate for most zones, safety inspections. Enforcement ramping up with complaints-driven action. Madison: Strict. Owner-occupancy required, annual license, 4% density cap per block, strict inspections. Active enforcement with fines and revocations. Lake Geneva: Lenient. Registration required, basic zoning rules. Light enforcement, many operate informally despite regulations. Always verify current regulations with local authorities and obtain necessary permits before operating a short-term rental.

The Milwaukee Airbnb and VRBO market is currently showing balanced conditions. Supply has declined 6% year-over-year, while RevPAR has decreased 13%. This indicates balanced supply-demand dynamics. The synchronized decline suggests that demand is softening at a faster rate than inventory can be removed, signaling a potential shift toward a more saturated environment.

Launch around April, 2-3 months before peak summer season (July peaks). This pre-peak timing lets you build reviews when competition is 34% lower than peak months. Avoid launching during peak season when established listings dominate, or slow months (March-January) when gaining traction is harder.

The most common amenities in Milwaukee listings include: Air Conditioning (98%), Kitchen (96%), Tv (90%), Washing Machine (79%), Heating (71%). Amenities that boost revenue the most include Hot Tub, Washing Machine, Air Conditioning, with Hot Tub properties earning approximately 52% more ($90K/year vs $59K/year).

Monthly estimated revenue per listing in Milwaukee over the last 12 months: May: $2K, June: $3K, July: $4K, August: $4K, September: $2K, October: $2K, November: $2K, December: $2K, January: $1K, February: $1K, March: $2K, April: $2K. These figures are based on RevPAR (revenue per available room) multiplied by the number of days in each month.

The overall average nightly rate in Milwaukee is $308, up 15% year-over-year. By property size: 1-bedroom properties average $153/night, 2-bedroom properties average $219/night, 3-bedroom properties average $303/night, 4+ bedroom properties average $594/night. Rates peak in July and are lowest in February.

Guests in Milwaukee book an average of 36 days in advance, down 15% from last year. By property size: 1-bedroom: 29 days, 2-bedroom: 34 days, 3-bedroom: 38 days, 4+ bedroom: 42 days. Larger properties tend to have longer booking windows as guests plan group trips further ahead.

Over the past year, the Milwaukee Airbnb and VRBO market has seen the following changes: supply declined 6%, revenue per listing decreased 13%, occupancy fell 8%, average nightly rates increased 15%, and lead time decreased 15%. This compression of booking windows alongside rising rates suggests hosts are attempting to offset lower occupancy through aggressive pricing strategies.

In Milwaukee, Saturday sees the highest booking demand while Monday has the lowest. Nightly rates peak on Saturday and are lowest on Monday. Weekends show 66% higher occupancy than weekdays.