Income property prices have continued to rise in Dane County. However, the momentum of the market is moderating this fall, and offering buyers more selection. Here's our latest update on the Madison area rental property market covering the first nine months of the year. 

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 months of supply, which is above the supply levels for both single family homes and condos. 

Income property sales

Dane County income property sales are trending lower in 2026. Through the first nine months of the year, a total of 175 Madison area income properties sold via the MLS, down 7 percent from 189 sales a year ago. 

Expired multifamily listings

More multifamily listings are expiring without selling in 2026, which is a sign that the market is trending toward more balance between buyers and sellers. A total of 61 Dane County income property listings expired through the month of September, up from 40 expired listings last year. 

What questions do you have about the Madison area income property market? 

Reach out if you'd like to have a conversation about the market and your investing goals. We're always happy to be a resource for you and share what we know. For some tips on selling your Madison area rental property, check out this recent post.