Minnetonka, MN Rental Market Trends
Minnetonka Rent Report: April 2024
Welcome to the Apartment List April 2024 Rent Report for Minnetonka, MN. Currently, the overall median rent in the city stands at $1,779, roughly the same as last month. Prices and are now up 1.5% year-over-year. Read on to learn more about what’s been happening in the Minnetonka rental market and how it compares to trends throughout the broader Minneapolis metro area and the nation as a whole.
Minnetonka rents are flat month-over-month and up 1.5% year-over-year
The median rent in Minnetonka rose by 0.4% over the course of March, and has now increased by a total of 1.5% over the past 12 months. Minnetonka’s rent growth over the past year has is similar to the state average (1.8%) and has outpaced the national average (-0.8%).
Minnetonka rent growth in 2024 pacing below last year
Three months into the year, rents in Minnetonka have risen 1.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 1.9%.
Minnetonka rents are 21.9% higher than the metro-wide median
If we expand our view to the wider Minneapolis metro area, the median rent is $1,460 meaning that the median price in Minnetonka ($1,779) is 21.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.9%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 16 cities in the Minneapolis metro area that are included in our database. Among them, Eden Prairie is currently the most expensive, with a median rent of $1,869. Brooklyn Park is the metro’s most affordable city, with a median rent of $1,278. The metro's fastest annual rent growth is occurring in Burnsville (4.1%) while the slowest is in Shakopee (-6.3%).
You can also use the map below to explore the latest rent trends in the Minneapolis metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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