Minnesota Rent Report – July 2019

• The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
• Coon Rapids, MN renters saw the highest monthly rent increase in July, reaching $1,142 per month. 
• Golden Valley apartments are the most expensive, while apartments in St. Cloud have the cheapest rents. 

The national average rent inches up another $3 in July, reaching $1,469 per month

Nationally, the average rent went up by 3.4% year-over-year, reaching $1,469 in July. Overall, renters had to pay $48 more than they did at the same time last year, according to the latest rent survey from Yardi Matrix. However, July also displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.

Renting in Minnesota in July 2019

The average rent in Minnesota cities is generally lower than the national average rent. The fastest growing rents in July were in Coon Rapids, where rental apartment prices increased by 1% month over month, $11 more compared to June. Eden Prairie saw the second-highest monthly increase, jumping by 0.9% ($14 more expensive than last month), while the rents dropped in Roseville by 0.7% ($8) compared to June.

Golden Valley apartments are the state’s most expensive for renters, with an average rent of $1,748, followed by apartments in Edina, where the average monthly rent is $1,688. On the other hand, the cheapest city to rent an apartment of the cities analyzed is St. Cloud, with an average apartment rent of $866.

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