Minneapolis apartment rents took a dip in September when compared to August. But they are still up 1.6% when compared to 12 months earlier.
That’s the takeaway from Apartment List’s most recent multifamily rent report for the Minneapolis market.
According to Apartment List, median apartment rents in Minneapolis stood at $992 for a one-bedroom apartment and $1,282 for a two-bedroom unit in September. Rents are down 0.7% when compared with August, but up 1.6% from September of 2021.
This marks the second straight month that Minneapolis has seen median rents decrease. And while median rents are up when compared to a year ago, the city’s year-over-year rent growth lags the national average of 7.5%.
Apartment List reported that Minneapolis’ median two-bedroom apartment rent of $1,282 is below the national average of $1,360. Other similarly sized cities also saw larger year-over-year increases than Minneapolis’ 1.6%. Indianapolis, for instance, has seen its median rents jump 10.1% when compared to a year earlier, while in Tulsa median rents are up 12.6% when compared to September of 2021.
