Invest In Apartment Buildings In Franklin, WI

Where Franklin's Apartment Demand Comes From

Rental demand in Franklin comes from 3,215 renter households, which is 22.7% of occupied housing (ACS 2020–2024). The renter count grew 4% from the 2015–2019 survey, faster than the population's -0.5% gain. That means part of the new demand came from people who already lived here and chose to rent.

The typical Franklin household earns $106,894 a year, 29.5% more than in the 2015–2019 survey. The number of employed residents rose 3.9% over the same period, and unemployment stood at 3.4%. Because rent (36.8%) outpaced income (29.5%), affordability is tighter than it was five years ago. That favors buildings priced below brand-new product.

Most households in Franklin own their homes, so the renter pool is smaller. Good apartment buildings can still lease well here, but there are fewer of them to buy and fewer recent sales to price against.

The Supply Picture In Franklin

Median gross rent in Franklin, WI is $1,458 a month, up 36.8% from $1,066 in the 2015–2019 survey (U.S. Census ACS 2020–2024). Few markets grew rent faster over the period. We still underwrite slower growth from here, because rent spikes tend to cool once new supply catches up.

The rental vacancy rate is just 3.1%, a tight market by most standards. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 52.4% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 25.5% of homes in Franklin are in buildings with 5 or more units, roughly 3,714 homes. That count rose 19.6% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1990, so the housing stock is relatively new. Value-add plans here lean more on management and amenities than on heavy renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Milwaukee-Waukesha, WI MSA is $1,263 a month.

How Franklin Ranks For Apartment Investors

We track 35 Wisconsin cities. Franklin places 3rd for median gross rent, 31st for renter share and 3rd for five-year rent growth. That puts its rents near the top of the group, so tenants here are already paying more than in most nearby markets. In raw numbers, Franklin has about 178 fewer residents, 124 more renter households and 609 more homes in buildings with 5 or more units than in the 2015–2019 survey. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

Franklin And Nearby Markets Side By Side

Franklin's median gross rent of $1,458 is above the Wisconsin median of $1,087, and its renter share is 22.7% compared with 32.2% statewide.

Rent Versus Income In Franklin

At $1,458 a month, the median Franklin rent adds up to $17,496 a year, or roughly 16.4% of what the median household earns. Under the common 30% guideline, a household needs about $58,300 a year to cover that rent comfortably. That's close to the Wisconsin figure of 16.8%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Franklin rent climbed $392 a month over five years and household income climbed $24,350 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,263, is 13.4% below the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Franklin Apartment Market Key Facts

Here's the Franklin rental market in short form, with the source on every figure.

• Franklin, WI has 35,886 residents, down 0.5% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Franklin, WI is $106,894, up 29.5% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Franklin, WI is $1,458 a month, up 36.8% over five years (U.S. Census ACS 2020–2024).
• 22.7% of households in Franklin, WI rent, about 3,215 renter households (U.S. Census ACS 2020–2024).
• 25.5% of homes in Franklin, WI are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Franklin, WI is 3.1%, and 52.4% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Franklin, WI was built in 1990 (U.S. Census ACS 2020–2024).

What We Look For In A Franklin Apartment Building

Skyline buys 5+ unit apartment buildings in Franklin that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Wisconsin apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Wisconsin has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Wisconsin reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Evaluating Apartment Syndications In Franklin

The data on this page turns into a short checklist for evaluating an apartment syndication in Franklin.

• What vacancy does the plan assume? Rental vacancy in Franklin is 3.1%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 36.8% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Franklin was built in 1990, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building compete with new supply? Homes in 5+ unit buildings in Franklin rose 19.6% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Franklin Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Franklin property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

Syndications are long-term and illiquid, and capital usually stays committed for several years. Results are never certain. Most offerings are limited to accredited investors, and the rules depend on whether a deal uses Rule 506(b) or Rule 506(c). See investing with Skyline Capital for how we work with limited partners.

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