Apartment rents continue to rise in Minneapolis. And monthly apartment rents here are growing faster than they are in both the state and the country.
That’s the good news for Minneapolis-area landlords and multifamily owners from the latest research by Apartment List.
Apartment List in its June 2024 Minneapolis rent report said that the overall median apartment rent in Minneapolis stood at $1,408 in May, a jump of 0.7% from April. This figure is also up 2.1% from a year ago.
This is higher than the overall 12-month rent increase of 1.9% throughout the entire state of Minnesota and significantly higher than the pace of rent growth in the United States. During the last 12 months, the national average median apartment rent in the United States has actually fallen by 0.8%, making Minneapolis’ 2.1% increase during that time even more impressive.
Another impressive stat from Apartment List: Five months into the year, rents in Minneapolis have risen 3.7%. This is a faster rate of growth compared to what the city was experiencing at this point last year: From January to May of 2023 rents had increased 1.6%.
Citywide in Minneapolis, the median monthly apartment rent currently stands at $1,272 for a 1-bedroom apartment and $1,646 for a 2-bedroom. The average median rent of $1,408 ranks 54th in the nation among the country’s 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom and $1,404 overall, according to Apartment List.
