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Market Report

Minneapolis-St. Paul Multifamily
Market Report

3Q 2023

Net Absorption Accelerates Metrowide,
While St. Paul Fundamentals Outperform

Demand improving, counterbalanced by a sizable delivery slate. This year marks the fourth consecutive period in which supply additions total at least 8,000 new units, nearly doubling the average noted between 2015 and 2019. Nevertheless, net absorption reaches its third-highest figure on record in 2023, marking the 14th consecutive positive year, a theme dissimilar to all other major Midwestern metros. Although near-term supply pressure maintains upward vacancy movement in Minneapolis-St. Paul this year, demand is improving. Over the remaining six months of 2023, more than 3,800 units will be taken off the market, the second-highest total between July and December since at least 2000. 

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