Minneapolis city, Minnesota Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Minneapolis city, Minnesota rental market.
Highlights
An apartment for rent in Minneapolis city, Minnesota typically goes for $1,588 per month, while a single-family home for rent in Minneapolis city, Minnesota has a monthly cost of around $2,313. Renter-occupied units make up 53% of the local housing market, while the rental vacancy rate in Minneapolis city, Minnesota is at 3.6.
Minneapolis city, Minnesota
Average Apartment Rent
$1,588
Y-o-Y Change in Apartment Rent
2.58%
Average Single Family Rent
$2,313
Compared to a year ago, Minneapolis city, Minnesota apartments have recorded a 2.58% rent increase.
Minneapolis city, Minnesota |Median apartment rent trend
Minneapolis city, Minnesota| Average apartment rent by city
Minneapolis city, Minnesota | Apartment rent ranges
At 37.85%, apartments priced $1,000 - $1,500 represent the bulk of Minneapolis city, Minnesota rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.37%.
Minneapolis city, Minnesota | Housing tenure
Renters take up 53% of Minneapolis city, Minnesota real estate, occupying a total of 91,643 units, while homeowners live in 82,273 properties.
Median number of rooms of renter-occupied housing units
3.5
Renter Median household income
$37,155
Average household size of renter occupied-housing units
2.18
Rental vacancy rate
3.6%
Minneapolis city, Minnesota | Renter-occupied housing units by no. of bedrooms
There are 39,027 rentals in Minneapolis city, Minnesota with 1 bed making up the highest share of the market, at 43%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,306 units. Overall, the median number of rooms in Minneapolis city, Minnesota homes for rent is 3.5.
Minneapolis city, Minnesota |Renter-occupied units by age of householder
Most condos for rent in Minneapolis city, Minnesota are occupied by residents in the 25 - 34 years age group (37%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Minneapolis city, Minnesota | Renter-occupied housing units by family type
Minneapolis city, Minnesota | Renter-occupied housing units by the presence of own children
A total of 28,767 apartments for rent in Minneapolis city, Minnesota, or 31% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 17,372 units. All in all, the median size of a renter-occupied household in Minneapolis city, Minnesota is 2.18.
Minneapolis city, Minnesota | Renter-occupied housing units by educational attainment
In terms of education, renters holding bachelor degrees or higher make up 42% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Minneapolis city, Minnesota.
Minneapolis city, Minnesota | Renter-occupied units by year structure built
The highest share of Minneapolis city, Minnesota apartment rentals, namely 33% or 30,569 units, were built 1939 or earlier, followed by those built 1970 - 1979 (14%, 13,230 units), and the ones built 1960 - 1969 (11%, 9,888 units).
Minneapolis city, Minnesota | Renter-occupied units by year householder moved in
Median year renter moved into unit2014
Most Minneapolis city, Minnesota renters (45%) moved in 2010 to 2014, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Minneapolis city, Minnesota condos for rent is 2014.
Minneapolis city, Minnesota | Renter-occupied housing units by vehicles available
When it comes to transportation options, 46% of Minneapolis city, Minnesota renters have 1 vehicle available per household, 29% of them have no vehicle available, and 19% have 2 vehicles available.
Minneapolis city, Minnesota | Means of transportation to work of householders living in renter-occupied housing units
Minneapolis city, Minnesota |Geographical mobility in the past year for householders living in renter-occupies housing units
Minneapolis city, Minnesota | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Minneapolis city, Minnesota apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
Average single family rent calculated from point2homes.com data.
Exceptions: Data sourced from U.S. Census Bureau; American Community Survey, 2018 American Community Survey 5-Year Estimates
