Cheap Homes for Rent in Downtown Milwaukee Neighborhood of Milwaukee, WI from $500 (45 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes available for rent right now in the Downtown Milwaukee area of Milwaukee.

property at 2956 N Prospect Ave

$500

Total Monthly Price

Total Monthly Price

Base Rent
$500
Total Monthly Price
$500

1 Bedroom, 1 Bath Townhome for Rent

Available Aug 1

2956 N Prospect Ave

MilwaukeeWI53211
property at 2438 N 1st St

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Townhome for Rent

Available Now

2438 N 1st St

MilwaukeeWI53212

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

Read Article
property at 2436 N 1st St

$950

Total Monthly Price

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950

1 Bedroom, 1 Bath Condo for Rent

Available Now

2436 N 1st St, Unit A

2436 N 1st St
MilwaukeeWI53212

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Read Article

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

Read Article
property at 2724 N Palmer St

$1,200 - $1,300

2 To 3 Bedroom Rentals

Available Now

2724 N Palmer St

MilwaukeeWI53212
property at 705 E Center St

$1,200 - $1,250

1 To 2 Bedroom Rentals

Available Now

705 E Center St

MilwaukeeWI53212

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

Read Article

An Insider's Guide to Apartment Living Near Milwaukee's Four Employer Clusters

Discover Milwaukee apartment living from Downtown lofts to affordable suburban homes. We detail neighborhoods near the four major employment hubs: urban, leafy, and everything in between.

Read Article
Showing Results 1-45, Page 1 of 1

Downtown Milwaukee, Milwaukee, WI Local Guide

Cheapest Available Downtown Milwaukee Apartments for Rent

 

The cheapest available apartment rental in the Downtown Milwaukee area of Milwaukee, WI is a Studio unit found at Lakeside Apartments priced from $695. 1315 Cass has the second lowest priced unit, which is a Studio apartment currently listed from $695. Here are the most affordable Downtown Milwaukee apartments for rent in Milwaukee, WI:

Apartment ListingModel NameBed/BathPriced From
Lakeside ApartmentsStudioStudio,1BA$695
1315 CassFront EfficiencyStudio,1BA$695
Fairmount ApartmentsEfficiencyStudio,1BA$695
The Astor Hotel ApartmentsEfficiency StudioStudio,1BA$700
Buckingham ApartmentsSmall StudioStudio,1BA$725
Colonial ApartmentsStudio *StandardStudio,1BA$725
St. ClairStudioStudio,1BA$725
The Park at 1824 Student ApartmentsRenovated 3 Bedroom Apartment3BR,2BA$750
Marshall Hall ApartmentsStudioStudio,1BA$750
1026 E Lyon StRent Special - June 1stStudio,1BA$775

Best Value Apartments for Rent in Downtown Milwaukee, WI

As of June 04, 2026 the best value apartment in the Downtown Milwaukee area is the $0.56 price per square foot 912 W Hadley St Model at 912 W Hadley St, Unit 1 in the in the Haymarket neighborhood starting from $1,250. The second greatest value Downtown Milwaukee apartment is the 2738 N Murray Ave Model at 2738 N Murray Ave, Unit 2738 starting at $1,800 with a $1.00 price per square foot in the Haymarket neighborhood. Here is today’s list of the best values for Downtown Milwaukee apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
912 W Hadley St, Unit 1912 W Hadley St2BR,1BA$0.56
2738 N Murray Ave, Unit 27382738 N Murray Ave3BR,1BA$1.00
2457 N 1st St, Unit front rear unit2457 N 1st St2BR,1BA$0.60
2945 N Frederick Ave, Unit Upper flat2945 N Frederick Ave3BR,1BA$1.16
3018A N Oakland Ave, Unit 3018A3018A N Oakland Ave2BR,1BA$1.14
Edgeview ApartmentsTwo Bedroom2BR,1BA$0.88
1658 N Van Buren St, Unit 21658 N Van Buren St2BR,1BA$1.16
Michigan Street CommonsThe Riverwalk2BR,2BA$1.26
2911 N 9th St, Unit 2911-A2911 N 9th St2BR,1BA$1.13
The Park at 1824 Student ApartmentsRenovated 2 Bedroom Apartment2BR,1BA$1.27

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

Read Article
Decorative image

Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

Read Article
Decorative image

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

decorative image of people with a giant lease agreement

Pet Friendly Lifestyle
Downtown Milwaukee, Milwaukee, WI

Ranked #5

Among cities in Wisconsin for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

decorative image of woman handing cat to small boy

Best Local Schools in
Downtown Milwaukee, Milwaukee, WI

School data provided by Great Schools

Frequently Asked Questions about Downtown Milwaukee

What type of rentals are currently available in Downtown Milwaukee?

There are currently 923 Apartments for Rent in Downtown Milwaukee, WI with pricing that ranges from $522 to $15,000. There are also 128 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Milwaukee ranging from $500 to $3,900.

What is the current price range for Rental Homes in Downtown Milwaukee?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Milwaukee ranges from $500 to $3,900 with an average monthly rent of $2,237.

How much are larger Three and Four Bedroom Rentals in Downtown Milwaukee?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Downtown Milwaukee range from $699 to $15,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from $975 to $3,099. Four Bedroom Single-Family rentals are also available starting from $975 and Four Bedroom Apartments start at $1,442.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Helpful Local Expert Guides

decorative image for Finding The Best Affordable Milwaukee Neighborhoods to Rent article

Finding The Best Affordable Milwaukee Neighborhoods to Rent

Written by: Tim Brown

I'm Tim, your ApartmentHomeLiving.com Local Expert for Milwaukee, Wisconsin. Growing up in the city and then just blocks outside the border, many Milwaukee neighborhoods have been home to friends and family for many years.

decorative image for The Top Neighborhoods for Off-Campus Housing for Milwaukee-Area College Students article

The Top Neighborhoods for Off-Campus Housing for Milwaukee-Area College Students

Written by: Tim Brown

I'm Tim, your ApartmentHomeLiving.com Local Expert for Milwaukee, Wisconsin. Growing up in the city and then blocks outside the border, many of the Milwaukee neighborhoods profiled here have been home to friends and family.

decorative image for A Local Experts Guide to Milwaukee: Neighborhoods, Traditions, and the Cozy Spirit of Gemütlichkeit article

A Local Experts Guide to Milwaukee: Neighborhoods, Traditions, and the Cozy Spirit of Gemütlichkeit

Written by: Tim Brown

I'm Tim, your ApartmentHomeLiving.com Local Expert for Milwaukee, Wisconsin. Growing up in the city and then blocks outside the border, Milwaukee's neighborhoods have been home to friends and family for years.

decorative image for An Insiders Guide to Apartment Living Near Milwaukee's Four Employer Clusters article

An Insiders Guide to Apartment Living Near Milwaukee's Four Employer Clusters

Written by: Tim Brown

Having grown up in Milwaukee and lived in Waukesha for several years, I have come to realize that the Milwaukee metro area offers diverse employment and housing opportunities.

Articles, How-To's, and Tips

decorative image for Creative Ways Developers Reimagine Retail Spaces as Residential Units article

Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.

decorative image for A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.