How is the Madison area multifamily real estate market trending in the fall of 2026?

Income property prices have continued to rise in Dane County. However, the momentum of the market is moderating this fall, offering buyers more selection. Here's our update on the Madison area rental property market through the month of September, 2026. Dane County price per unit The price per multifamily unit through the first nine months of the year was $224,000, a new record for our market. Gross rent multiplier (GRM) The Madison area gross rent multiplier through the month of September was 10.9, which is consistent with how the market has been trending over the last ten years. The GRM has been relatively flat over the last decade, which indicates that rents and prices have been rising at roughly the same rate. New multifamily listings and months of supply Income property listings are gradually increasing once again. A total of 277 Dane County income properties were listed for sale on the MLS through September, which is 8 percent more than the 255 listings last year. The supply of available listings is increasing, too. As of October 18th, a total of 86 Dane County multifamily listings were available for sale on the MLS (without an accepted offer). This is the equivalent of 4.6 m...