Hennepin County Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Hennepin County MN was $1,173 in 2019 according to the Census ACS survey.1 Average gross rent in Hennepin County was $1,225 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Hennepin County median and average rent data will be released in September of 2021.
Data is also available below for Hennepin County rental vacancy rates, Hennepin County rent as a percent of median income and the fraction of renters in Hennepin County.
Real Gross Rent in Hennepin County Minnesota (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Minnesota Median Gross Rent | $1,016 | +2.94% | +6.39% |
| Hennepin County MN Median Gross Rent | $1,173 | +1.12% | +8.61% |
Hennepin County MN Real Gross Rent Trends
At $1,173, real median gross rent in Hennepin County was at its highest level in 2019 since the series began in 2005. At $1,225, real average gross rent in Hennepin County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Hennepin County MN Median, Hennepin County MN Average, Minnesota Median, US Median
Real Gross Rent History for Hennepin County
| Date | US Median |
Minnesota Median |
Hennepin County MN Median |
Hennepin County MN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,016 | $1,173 | $1,225 |
| 2018 | $1,077 | $987 | $1,160 | $1,202 |
| 2017 | $1,043 | $968 | $1,129 | $1,168 |
| 2016 | $1,027 | $955 | $1,080 | $1,135 |
| 2015 | $1,017 | $942 | $1,065 | $1,105 |
| 2014 | $986 | $907 | $1,007 | $1,061 |
| 2013 | $953 | $876 | $979 | $1,049 |
| 2012 | $940 | $865 | $954 | $1,011 |
| 2011 | $941 | $850 | $938 | $990 |
| 2010 | $955 | $854 | $962 | $1,006 |
| 2009 | $960 | $863 | $971 | $1,010 |
| 2007 | $927 | $835 | $949 | $1,020 |
| 2005 | $910 | $865 | $940 | $999 |
Hennepin County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Hennepin County Minnesota was 3.15% according to Census ACS data.
Rental Vacancy Rate in Hennepin County Minnesota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Minnesota | 4.76% | +0.21% | +0.75% |
| Hennepin County MN | 3.15% | -0.85% | -0.25% |
Trends in Hennepin County MN Rental Vacancy Rate
The rental vacancy rate in Hennepin County peaked in 2006 at 8.93%. Since then it has fallen by 5.78% to 3.15%. Data records for this series originated in 2005. From a 2013 post peak low of 2.28%, the rental vacancy rate has increased by 0.87%.
Rental Vacancy Rate: Hennepin County MN, Minnesota, US
Historical Rental Vacancy Rate data for Hennepin County
| Date | US | Minnesota | Hennepin County MN |
|---|---|---|---|
| 2019 | 5.97% | 4.76% | 3.15% |
| 2018 | 6.15% | 4.55% | 4.00% |
| 2017 | 6.18% | 4.31% | 3.89% |
| 2016 | 5.89% | 4.01% | 3.40% |
| 2015 | 5.85% | 4.35% | 4.01% |
| 2014 | 6.32% | 4.53% | 3.59% |
| 2013 | 6.49% | 3.94% | 2.28% |
| 2012 | 6.77% | 4.10% | 3.49% |
| 2011 | 7.40% | 5.37% | 5.65% |
| 2010 | 8.17% | 5.96% | 6.09% |
| 2009 | 8.43% | 5.97% | 5.46% |
| 2007 | 7.87% | 7.07% | 7.14% |
| 2005 | 7.74% | 8.20% | 7.37% |
Rent as a Fraction of Income
Using median household income data for Hennepin County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hennepin County, median monthly gross rent as a fraction of median household income was 17.09% in 2019 according to the ACS.
Hennepin County Minnesota Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Minnesota | 16.34% | -0.19% | -0.34% |
| Hennepin County MN | 17.09% | -0.88% | -0.29% |
Trends in Hennepin County MN Rent as a Fraction of Income
The fraction of median Hennepin County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 17.97%. Since then it has fallen by 0.88% to 17.09%.
Fraction of Income towards Rent: Hennepin County MN, Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Hennepin County Minnesota
| Date | US | Minnesota | Hennepin County MN |
|---|---|---|---|
| 2019 | 20.03% | 16.34% | 17.09% |
| 2018 | 20.50% | 16.54% | 17.97% |
| 2017 | 20.13% | 16.48% | 17.62% |
| 2016 | 20.43% | 16.68% | 17.38% |
| 2015 | 20.63% | 16.78% | 17.48% |
| 2014 | 20.89% | 16.77% | 17.77% |
| 2013 | 20.78% | 16.45% | 17.33% |
| 2012 | 20.65% | 16.56% | 17.21% |
| 2011 | 20.70% | 16.58% | 17.13% |
| 2010 | 20.50% | 16.53% | 17.44% |
| 2009 | 20.12% | 16.33% | 16.57% |
| 2007 | 18.66% | 15.29% | 15.90% |
| 2005 | 18.89% | 15.96% | 16.12% |
Renter Fraction in Hennepin County Minnesota
You can calculate the renter fraction in Hennepin County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Hennepin County as a fraction of total Hennepin County households. In 2019 38.15% of households were renters according to Census ACS data.
Hennepin County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Minnesota | 28.08% | -0.47% | -0.62% |
| Hennepin County MN | 38.15% | +0.43% | -0.72% |
Trends in the Hennepin County MN Renter Fraction
The Hennepin County household renter fraction peaked in in 2016 at 38.87% and is now 0.72% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hennepin County MN, Minnesota, US
History of Hennepin County Renter Fraction
| Date | US | Minnesota | Hennepin County MN |
|---|---|---|---|
| 2019 | 35.89% | 28.08% | 38.15% |
| 2018 | 36.05% | 28.55% | 37.72% |
| 2017 | 36.13% | 28.43% | 37.44% |
| 2016 | 36.88% | 28.70% | 38.87% |
| 2015 | 36.97% | 29.06% | 38.26% |
| 2014 | 36.90% | 28.31% | 37.22% |
| 2013 | 36.50% | 28.45% | 38.22% |
| 2012 | 36.09% | 28.56% | 37.86% |
| 2011 | 35.42% | 27.24% | 36.27% |
| 2010 | 34.65% | 26.98% | 36.01% |
| 2009 | 34.13% | 26.29% | 33.89% |
| 2007 | 32.80% | 24.76% | 32.52% |
| 2005 | 33.10% | 24.23% | 32.05% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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