Minneapolis Rents Lower Than 7-County Metro

According to Apartmentlist.com‘s June rent report, median rents in the city are 4.3% lower than the median rents across the rest of the 7-county metro.

In some good news for Minneapolis housing providers, the report found that apartment rents grew faster in the city than in the rest of the state and the country. The median price for a 1 bedroom apartment in Minneapolis in May was $1272. A 2 bedroom was $1646.

May’s median rent for units of all sizes rose .7% over April to $1408. In the last year, the city’s median rent is up 2.1% over the last 12 months. Year to date, rents are up 3.7%. In other words, rents are going up faster now, which offsets the big drop they took last fall.

Minneapolis’ rent growth ranked 44th among large U.S. cities. It is the 54th most expensive large city to live in nationwide.

St Paul saw a median rent for a 2 bedroom of $1467 and $1209 for a 1 bedroom.

Rent growth across the metro came in at 2% for the month.

Eden Prairies $1924 median rent for a 2 bedroom was the most expensive. Brooklyn Park, on the other hand, was the area’s most affordable city, where rent for a 2 bedroom unit stook at $1392.

Richfield won the rent growth race, jumping 6.2% in May. Shakopee, on the other hand, actually saw rent growth decline 3.1%.

Statewide, median rent growth over the past 12 months stands at 1.9%.

Both Minneapolis’ and the state’s rent growth have outpaced the national average.

For a list of median apartment rent prices and growth for many cities and suburbs across the metro, click HERE.