According to several recent local and regional analytics firms, median rents across the metro and the nation have begun to stabilize or even fall.
Housinglink, the Minneapolis-based analytics and affordable housing assistance firm gleans its information from advertised rent.
In May, they reported a median rent for a one-bedroom apartment dropped to $1054; down $91 from 2019.
Meanwhile, monthly rent for a two-bedroom fell to $1385 from $1598 one year earlier.
Rents in St Paul remained relatively stable, while rent for three-bedroom units in both cities did as well.
Housinglink’s data suggests rent for a one-bedroom unit has fallen 18.6% since 2018, and 25% for a two-bedroom.
Most of the Minneapolis and St Paul duplex owners I know are actually sharing with me rents for their properties have increased. Not decreased.
Nationally, multiple sources including CNN and Zumper report rent prices falling. San Francisco led the way with year-over-year rent for one-bedroom units falling 11.8%, and two-bedrooms dropping 9.6%.
Zumper’s national rent report suggests rent for one-bedroom units remaining unchanged, and two-bedroom units increasing year-over-year by 3.8%.
It is important to consider that continued statewide moratoriums on evictions combined with the bonus federal unemployment assistance may well be skewing true rental data.