Minneapolis Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Minneapolis, MN (the Minneapolis-St Paul-Bloomington metro area) was $1,144 in 2019 according to the Census ACS survey.1 Average gross rent in Minneapolis was $1,181 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 Minneapolis median and average rent data will be released in September of 2021.
Data is also available below for Minneapolis rental vacancy rates, Minneapolis rent as a percent of median income and the fraction of renters in Minneapolis.
Real Gross Rent in Minneapolis 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% |
| Minneapolis, MN Median Gross Rent | $1,144 | +3.06% | +9.26% |
Minneapolis, MN Real Gross Rent Trends
At $1,144, real median gross rent in Minneapolis was at its highest level in 2019 since the series began in 2005. At $1,181, real average gross rent in Minneapolis was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Minneapolis: Minneapolis MN Median, Minneapolis MN Average, Minnesota Median, US Median
Real Gross Rent History for Minneapolis
| Date | US Median |
Minnesota Median |
Minneapolis, MN Median |
Minneapolis, MN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,016 | $1,144 | $1,181 |
| 2018 | $1,077 | $987 | $1,110 | $1,143 |
| 2017 | $1,043 | $968 | $1,090 | $1,124 |
| 2016 | $1,027 | $955 | $1,047 | $1,095 |
| 2015 | $1,017 | $942 | $1,039 | $1,082 |
| 2014 | $986 | $907 | $990 | $1,037 |
| 2013 | $953 | $876 | $959 | $1,015 |
| 2012 | $940 | $865 | $952 | $994 |
| 2011 | $941 | $850 | $927 | $966 |
| 2010 | $955 | $854 | $944 | $989 |
| 2009 | $960 | $863 | $957 | $993 |
| 2007 | $927 | $835 | $935 | $982 |
| 2005 | $910 | $865 | $958 | $991 |
Minneapolis 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 Minneapolis Minnesota was 3.84% according to Census ACS data.
Rental Vacancy Rate in Minneapolis Minnesota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Minnesota | 4.76% | +0.21% | +0.75% |
| Minneapolis, MN | 3.84% | -0.22% | +0.52% |
Trends in Minneapolis, MN Rental Vacancy Rate
The rental vacancy rate in Minneapolis peaked in 2006 at 8.07%. Since then it has fallen by 4.23% to 3.84%. Data records for this series originated in 2005. From a 2012 post peak low of 3.16%, the rental vacancy rate has increased by 0.68%.
Rental Vacancy Rate: Minneapolis MN, Minnesota, US
Historical Rental Vacancy Rate data for Minneapolis
| Date | US | Minnesota | Minneapolis, MN |
|---|---|---|---|
| 2019 | 5.97% | 4.76% | 3.84% |
| 2018 | 6.15% | 4.55% | 4.06% |
| 2017 | 6.18% | 4.31% | 3.39% |
| 2016 | 5.89% | 4.01% | 3.32% |
| 2015 | 5.85% | 4.35% | 3.65% |
| 2014 | 6.32% | 4.53% | 3.71% |
| 2013 | 6.49% | 3.94% | 3.17% |
| 2012 | 6.77% | 4.10% | 3.16% |
| 2011 | 7.40% | 5.37% | 5.09% |
| 2010 | 8.17% | 5.96% | 6.25% |
| 2009 | 8.43% | 5.97% | 5.91% |
| 2007 | 7.87% | 7.07% | 6.55% |
| 2005 | 7.74% | 8.20% | 8.03% |
Rent as a Fraction of Income
Using median household income data for Minneapolis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Minneapolis, median monthly gross rent as a fraction of median household income was 16.40% in 2019 according to the ACS.
Minneapolis 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% |
| Minneapolis, MN | 16.40% | -0.03% | +0.02% |
Trends in Minneapolis, MN Rent as a Fraction of Income
The fraction of median Minneapolis household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 16.54%. Since then it has fallen by 0.14% to 16.40%.
Fraction of Income towards Rent: Minneapolis MN, Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Minneapolis Minnesota
| Date | US | Minnesota | Minneapolis, MN |
|---|---|---|---|
| 2019 | 20.03% | 16.34% | 16.40% |
| 2018 | 20.50% | 16.54% | 16.44% |
| 2017 | 20.13% | 16.48% | 16.50% |
| 2016 | 20.43% | 16.68% | 16.39% |
| 2015 | 20.63% | 16.78% | 16.54% |
| 2014 | 20.89% | 16.77% | 16.29% |
| 2013 | 20.78% | 16.45% | 16.27% |
| 2012 | 20.65% | 16.56% | 16.20% |
| 2011 | 20.70% | 16.58% | 16.25% |
| 2010 | 20.50% | 16.53% | 16.26% |
| 2009 | 20.12% | 16.33% | 15.97% |
| 2007 | 18.66% | 15.29% | 14.95% |
| 2005 | 18.89% | 15.96% | 15.40% |
Renter Fraction in Minneapolis Minnesota
You can calculate the renter fraction in Minneapolis 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 Minneapolis as a fraction of total Minneapolis households. In 2019 29.84% of households were renters according to Census ACS data.
Minneapolis 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% |
| Minneapolis, MN | 29.84% | -0.16% | -1.00% |
Trends in the Minneapolis, MN Renter Fraction
The Minneapolis household renter fraction peaked in in 2015 at 31.10% and is now 1.26% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Minneapolis MN, Minnesota, US
History of Minneapolis Renter Fraction
| Date | US | Minnesota | Minneapolis, MN |
|---|---|---|---|
| 2019 | 35.89% | 28.08% | 29.84% |
| 2018 | 36.05% | 28.55% | 30.00% |
| 2017 | 36.13% | 28.43% | 29.81% |
| 2016 | 36.88% | 28.70% | 30.84% |
| 2015 | 36.97% | 29.06% | 31.10% |
| 2014 | 36.90% | 28.31% | 30.07% |
| 2013 | 36.50% | 28.45% | 30.52% |
| 2012 | 36.09% | 28.56% | 30.56% |
| 2011 | 35.42% | 27.24% | 29.37% |
| 2010 | 34.65% | 26.98% | 28.71% |
| 2009 | 34.13% | 26.29% | 27.57% |
| 2007 | 32.80% | 24.76% | 25.83% |
| 2005 | 33.10% | 24.23% | 25.64% |
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. ↩
Department of Numbers
The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.
Here's where you are
- Home
- / Rent
- / Minnesota
- / Minneapolis
