Lake Mills, WI

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Lake Mills short-term rental market based on reliable data.

Listings

16 / 31

Reliable / Active

Cap Rate

8%

Middle-Earners Gross Yield

Revenue

$34,720

Middle-Earners Revenue

Occupancy

60%

Middle-Earners Occupancy

Home Value

$431,962

Median Home Sale Price

Top Earners

$51,830

Top-Earners Revenue

Lake Mills

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Lake Mills.

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B

Generally Investor friendly

Lake Mills Regulations

STRs are permitted with no town-specific caps or approvals, but operators must obtain a Wisconsin Tourist Rooming House license (requires a $410 initial cost and $110 annual fee, plus state inspection) and comply with state health/safety and tax rules. The lack of local ordinances and Wisconsin’s prohibition on de facto bans keep costs manageable and barriers moderate, though some local policy uncertainty and nuisance enforcement create modest risk.

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About Lake Mills

Lake Mills is a small, welcoming city in Jefferson County, Wisconsin, with a population of roughly 6,000 residents. Set around the shores of Rock Lake, it has a friendly, small-town character shaped by historic brick storefronts, a walkable downtown, and a strong connection to the surrounding glacial landscape. The community is best known as a gateway to outdoor recreation in southeastern Wisconsin, particularly for travelers exploring the area's lakes, trails, and ancient Native American earthworks. It sits about 30 miles east of Madison, the nearest major city, and roughly 55 miles west of Milwaukee, placing it in a convenient corridor between two of the state's largest metropolitan areas.

A short drive north of the city center leads to Aztalan State Park, one of Wisconsin's most important archaeological sites. The park preserves the remains of a 12th-century Mississippian-culture settlement, including a series of ceremonial earthen mounds and the outline of long-lost stockade walls. Visitors can walk interpretive trails through the mounds and learn about the people who built them. It is only a few minutes from downtown Lake Mills, making it an easy and memorable stop.

Right in the heart of town, Rock Lake serves as the focal point of the community and a major draw for visitors. The lake offers public access points, fishing, paddling, and quiet shoreline walks, and it gives the city its name. The surrounding parks and the historic dam area provide additional opportunities for picnicking and enjoying the water, all within easy walking distance of the downtown core.

Just outside town, the Glacial Drumlin State Trail passes through Lake Mills as part of its route between Cottage Grove and Waukesha. This 52-mile rail-trail follows the path of a former railroad corridor across the southern Wisconsin landscape and is popular for biking, walking, and, in winter, snowmobiling and cross-country skiing. Its gentle grade and scenic farmland views make it accessible for families and casual riders looking to spend a few hours outdoors.

Lake Mills makes a compelling base for short-term rentals because it offers the quiet, scenic pace of a small Wisconsin lake town while remaining within easy reach of Madison's restaurants, the University of Wisconsin campus, and Milwaukee's cultural attractions. Guests can spend their days exploring nearby state parks, biking the Glacial Drumlin Trail, or simply enjoying Rock Lake, then return to a relaxed, small-town setting. That combination of natural beauty, historic character, and accessibility continues to draw weekend travelers and longer-stay visitors to the area.

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