Several apartment developments have either been completed recently, are under construction or are in the planning stages in downtown Milwaukee, the East Side and the Historic Third Ward.
Developers say young professionals in the so-called Echo Boom generation, highly interested in living in urban areas and resistant to home ownership, are providing the biggest source of demand for the new apartments. Most of those developers are expressing confidence that demand for downtown area apartments will remain strong for several years and that the planned apartment developments will be filled by tenants.
“Our studies have shown that there’s a sustained demand for the next several years for several hundred units a year that could be absorbed into the market,” said Wayne Wiertzema, executive vice president of Wangard Partners.
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