Skip to main content

Scroll Down

Market Report

Minneapolis-St. Paul Multifamily
Market Report

4Q 2024

Minneapolis-St. Paul Sees Strong Absorption,
With Rent Growth Moderating Amid New Supply

Minneapolis rental market resilient amid new supply. Apartment performance has moderated due to significant construction. This will mark the fifth-consecutive year with over 8,000 units added — nearly double the 2015-2019 average. Still, net absorption in 2024 remains strong. The year-end total is expected to rank the fourth-highest on record and mark the 15th-straight year of positive absorption, setting the region apart from major Midwestern markets. With permitting and construction starts slowing, supply-side pressures should ease in the coming years. Coupled with sustained rental demand, this dynamic should strengthen rent growth overtime, even as local employment outlook softens this year.

Related Research

Back to top