10/16/2026
🏢 Minneapolis Multifamily Market Update
Two trends worth watching in the Minneapolis apartment market: rent growth and a sharp slowdown in new development.
According to recent reporting by Finance & Commerce, Minneapolis median rents increased 8.9% from January 2025 through August 2026. Meanwhile, the number of new multifamily units receiving building permits fell 91.6% from its 2022 peak to 2025.
What does this mean for apartment investors?
📈 Rent growth can support income, although results vary by property and location.
🏗️ Fewer new apartment permits could mean less new supply coming to market in the years ahead.
For multifamily owners and investors, keeping an eye on rents, vacancy, expenses and future supply remains important when evaluating opportunities.
An interesting trend to watch across the Twin Cities market.
Source: Finance & Commerce and the Federal Reserve Bank of Minneapolis.