- The average monthly rent in Minneapolis and St. Paul was $1,584 and $1,299, respectively, in January, $40 and $37 more than one year prior.
- Golden Valley apartments are the most expensive in the state, renting for $1,734, while apartments in St. Cloud have the cheapest rents, $861 per month.
- The national average rent in January 2020 was $1,463, up 3% 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 $1,584 and $1,299 on average, respectively, in January. Rents in the largest Minnesota city 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% ($2) compared to December. St. Paul saw an annual increase of 2.9%, or $37, compared to last January and a decrease of 0.1% ($1) compared to last month.
Renting in Minnesota in January 2020
The average rent in Minnesota cities is generally lower than the national average rent. The fastest growing rents in January were in Eden Prairie, where rental apartment prices increased by 2.5% month over month, $37 more compared to last month. West St. Paul apartments saw the second-highest monthly increases, jumping by 0.9% ($9), while rents in Edina dropped by 1.5% ($25) compared to December.
Golden Valley apartments are the state’s most expensive for renters, with an average rent of $1,734, followed by Edina, where the average monthly rent is $1,695. On the other hand, the cheapest city to rent an apartment of the cities analyzed is St. Cloud, with an average apartment rent of $861, followed by Sartell with an average rent of $987, being the only two cities with rents under $1,000.
The January national average rent went up by 3% year-over-year
The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.
Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.
To compare the rental market in Minnesota with other cities in the U.S., you can also check our national January rent report.
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.
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