Minneapolis Rent Growth Trails The Nation

While the conversation around rent control continues to wax and wane throughout the metro, Apartmentlist.com reports that the overall median rent for a Minneapolis apartment rose .5% in February, and is up just .6% in the last 12 months.

Nationwide, rents grew an average of .3%. That puts Minneapolis 26th in rent increases among the nation’s 100 largest cities.

However, across all bedroom sizes, the city’s median rent is $1082. Nationally, the median rent is $1343.  Minneapolis ranks 86th among the nation’s 100 largest metro areas. In fact, Minneapolis is 19.4% lower than the national average, and rent prices are comparable to what you’d find in Indianapolis, IN.

Metro-wide, rents were a bit higher at $1216. So rents in the city of Minneapolis are, on average, 11% lower than the rest of the metro area. Rents across the metro also grew 2% in the last twelve months.

The most expensive city to be a tenant in across the metro is Maple Grove, where the median rent is $1730. St Paul is technically the most affordable at $1073- $9 a month less than Minneapolis.

Bloomington saw the biggest jump in rent at 7.9% annually, while Burnsville’s rents actually declined 1% during the same stretch.

Bear in mind Apartment List gleans its data from apartment rentals. Duplex or single-family home rents and trends may differ.

For Apartment Lists February metro-wide report, click here and scroll toward the bottom of the page..