Twin Cities Rent Report – April 2015

Rent Trends: Minnesota vs. the Twin Cities
1 bedroom median rents are increasing at a faster rate in the state of Minnesota than in the Twin Cities. Median rent in Minnesota increased 5.3% to $1,000 since March, while rent in Saint Paul increased 4.4% to $950 and rent in Minneapolis decreased 3% to $1,280. Thus, while Minneapolis has had the biggest decrease in rent month over month, the city still has the most expensive rent of the three regions compared.

6 Month Rent Trend: Minneapolis vs. Saint Paul
Minneapolis and Saint Paul together form the Twin Cities. But did you realize their median rents might be so different? Here are the key takeaways:

• Median 1 bedroom rent in Minneapolis increased 7.8% from November to December, and decreased 3% from March to April — though it has remained stable when comparing November to April 1 bedroom median rents.
• Median rent for a 1 bedroom apartment in Saint Paul increased by 3.3% since November.
• April rent in Minneapolis is 35% more expensive than in Saint Paul.

 
April Rent Trend: Minneapolis
The median 1 bedroom April rent in Minneapolis was $1,280, with many rent variances by neighborhood in the city. Here were the highlights:

• The most expensive neighborhood in Minneapolis, Cedar Isles Dean, had a median 1 bedroom rent of $1,750, a 36.7% increase over the Minneapolis 1 bedroom median rent of $1,280.
• Prospect Park was the least expensive neighborhood in Minneapolis, with a median 1 bedroom rent of $720 — 43.7% less than the Minneapolis median.
• There was a 58.9% difference in rent between the most expensive and least expensive neighborhood in Minneapolis.

 
April Rent Trend: Saint Paul
The Saint Paul median 1 bedroom April rent was $950. While there were price differences between neighborhoods, there was not as great a difference compared to Minneapolis. Here were the highlights:

• Rent in Downtown Saint Paul at $1,320 was 39% more expensive than the median Saint Paul rent.
• Rent in Downtown Saint Paul was 14.9% more expensive than rent in the second most expensive neighborhood, West Seventh.
• Saint Anthony was the cheapest neighborhood in Saint Paul, with median rents 16.1% lower than the city median.

 
Twin City Suburbs Rent Data