Welcome to the Minnesota Apartment List Rent Report! Minnesota rents are increasing more quickly than national averages. In this report, we will evaluate trends across the state as well as variations between cities.
Minnesota vs. the US
In December, a 1 bedroom apartment in Minnesota averaged $920 and a 2 bedroom averaged $1100. Rental prices for 2 bedrooms in Minnesota grew 4.0% in December 2015 versus December 2014, significantly higher than the national average of 2.7%.
Top 10 Most Expensive Minnesota Cities
- Minneapolis: The state’s most populous city was once again also its most expensive in December with a 2 bedroom average of $1570. Minneapolis has grown by 5.4% in 2 bedroom rents since December 2014.
- Eden Prairie: Eden Prairie had the 3rd most expensive rents at $1300. Eden Prairie rents are up 7.2% over December 2014, the 2nd highest increase of any Minnesota city.
- Minnetonka: Just west of Minneapolis, Minnetonka placed 8th for most expensive rents in December. A 2 bedroom there runs $1210, while a 1 bedroom costs $1080.
Top 10 Minnesota Cities with Fastest Growing Rents
Some areas within Minnesota’s larger cities are experiencing rental price growth that exceed the national rate of 4.0%.
- Burnsville: Burnsville surpasses Minneapolis and Eden Prairie this month for highest growth over last year with a 7.7% increase. 2 bedroom rents in Burnsville average $1080.
- Minneapolis and Eagan: Both Minneapolis ($1570) and Eagan ($1180) tied for 4th highest rent increases in December, up 5.4% over December 2014.
- St. Cloud: St. Cloud ($700) placed 9th for rental growth at 3.6%. Although St. Cloud shows slower growth than statewide averages, it still shows higher growth than the national average.
Apartment List December Rent Report
|City||Median Price - 1 Bed||MM Change - 1 Bed||YY Change - 1 Bed||Median Price - 2 Bed||MM Change - 2 Bed||YY Change - 2 Bed|
|St. Louis Park||$1,010||-0.2%||6.0%||$1,270||1.9%||3.8%|
|Inver Grove Heights||$1,110|
Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1 bedroom and 2 bedroom rents in 100 top cities and then ranked them by 2 bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted.
About Apartment List Rent Reports:
Apartment List’s Rent Reports cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top cities, and identify the key facts renters should know. As always, our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home. Apartment List publishes Rent Reports during the first calendar week of each month.
About Apartment List:
Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws nearly 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.