Twin Cities Rent Growth Outpacing National Average
The apartment boom doesn’t seem to slowing down yet. In a new survey by San Francisco-based Apartment List, a national apartment hunting web site, reports that rental rates are surging in the Twin Cities.
For two-bedroom units, Apartment List’s Minneapolis-St. Paul Rental Price Monitor for February found rent growth strongest in Minneapolis (5.6 percent) and Eden Prairie (8.1 percent) for two-bedroom units.
Apartment List reports the median rent for a two-bedroom apartment in Minneapolis at $1,690 per month, contrasted with $1,150 per month for a two-bedroom unit in St. Paul. The median price for a two-bedroom unit in Eden Prairie is $1,300.
The Apartment List statistics showed more modest rent growth in suburbs such as Edina (1.4 percent) and St. Louis Park (0.9 percent).
Apartment List’s data is drawn from the rental listings on its own web site.
The Apartment List survey reports that rental rate growth in the Twin Cities is stronger than the national average. From February 2014 to February 2015, Apartment List shows apartment rents climbing 3.3 percent across the metro, compared to an average gain of 2.7 percent nationally.
You can view the full report here.