Minnesota Rent Report – February 2020

• The average monthly rent in Minneapolis and St. Paul was $1,588 and $1,303, respectively, in February, $40 more than one year prior.
• Maple Grove apartments are the most expensive in the state, renting for $1,717, while apartments in St. Cloud have the cheapest rents, $859 per month. 
• The national average rent in February 2020 was $1,468, up 3.2% compared to the same time last year according to data from Yardi Matrix.

Renting in the largest cities in Minnesota

Apartments in Minneapolis and St. Paul, rented for $1,588 and $1,303 on average, respectively, in February. Rents in Minneapolis saw a year-over-year increase of 2.6%, or $40, compared to this time last year and a month-over-month decrease of 0.1% ($1) compared to January. St. Paul saw an annual increase of 3.2%, or $40, compared to last February and a decrease of 0.2% ($2) compared to last month.

Renting in Minnesota in February 2020

The average rent in Minnesota cities is generally lower than the national average rent. The fastest growing rents in February were in Maple Grove, where rental apartment prices increased by 11.1% year-over-year, $171 more compared to this time last year. Fridley apartments saw the second-highest yearly increases, jumping by 7.9% ($88), while rents in Golden Valley increased by 0.2% ($4) compared to last February.

Maple Grove apartments are the state’s most expensive for renters, with an average rent of $1,717, followed by apartments in Golden Valley, where the average monthly rent is $1,713. On the other hand, the cheapest city to rent an apartment of the cities analyzed is St. Cloud, with an average apartment rent of $859, followed by Sartell with an average rent of $978, being the only two cities with rents under $1,000.

The February national average rent went up by 3.2% year-over-year

The average apartment rent was $1,468 in February, up $46 since last year, according to apartment data from Yardi Matrix. February apartment rents maintained the same pace as in January, rising by 3.2% year-over-year. Overall, rents are growing a bit slower than the same time last year, when they were rising at a 3.5% yearly rate.

To compare the rental market in Minnesota with other cities in the U.S., you can also check our national February rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.