Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Minnesota was $1,016 in 2019 according to the Census ACS survey.1 Average gross rent was $1,043 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 Minnesota median and average rent data will be released in September of 2021.
Data is also available below for Minnesota rental vacancy rates, Minnesota rent as a percent of median income and the fraction of renters in Minnesota.
Real Gross Rent in 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% |
Minnesota Real Gross Rent Trends
At $1,016, real median gross rent in Minnesota was at its highest level in 2019 since the series began in 2005. At $1,043, real average gross rent in Minnesota was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Minnesota: Median, Average, US Median
Real Gross Rent History for Minnesota
| Date | US Median | Minnesota Median | Minnesota Average |
|---|---|---|---|
| 2019 | $1,097 | $1,016 | $1,043 |
| 2018 | $1,077 | $987 | $1,021 |
| 2017 | $1,043 | $968 | $1,006 |
| 2016 | $1,027 | $955 | $985 |
| 2015 | $1,017 | $942 | $972 |
| 2014 | $986 | $907 | $933 |
| 2013 | $953 | $876 | $907 |
| 2012 | $940 | $865 | $884 |
| 2011 | $941 | $850 | $869 |
| 2010 | $955 | $854 | $882 |
| 2009 | $960 | $863 | $882 |
| 2007 | $927 | $835 | $861 |
| 2005 | $910 | $865 | $866 |
Minnesota 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 Minnesota was 4.76% according to Census ACS data.
Rental Vacancy Rate in Minnesota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Minnesota | 4.76% | +0.21% | +0.75% |
Trends in Minnesota Rental Vacancy Rate
The rental vacancy rate in Minnesota peaked in 2005 at 8.20%. Since then it has fallen by 3.44% to 4.76%. Data records for this series originated in 2005. From a 2013 post peak low of 3.94%, the rental vacancy rate has increased by 0.82%.
Rental Vacancy Rate: Minnesota, US
Historical Rental Vacancy Rate data for Minnesota
| Date | US | Minnesota |
|---|---|---|
| 2019 | 5.97% | 4.76% |
| 2018 | 6.15% | 4.55% |
| 2017 | 6.18% | 4.31% |
| 2016 | 5.89% | 4.01% |
| 2015 | 5.85% | 4.35% |
| 2014 | 6.32% | 4.53% |
| 2013 | 6.49% | 3.94% |
| 2012 | 6.77% | 4.10% |
| 2011 | 7.40% | 5.37% |
| 2010 | 8.17% | 5.96% |
| 2009 | 8.43% | 5.97% |
| 2007 | 7.87% | 7.07% |
| 2005 | 7.74% | 8.20% |
Minnesota Rent as a Fraction of Income
Using median household income data for Minnesota, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Minnesota, median monthly gross rent as a fraction of median household income was 16.34% in 2019 according to the ACS.
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% |
Trends in Minnesota Rent as a Fraction of Income
The fraction of median Minnesota household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 16.78%. Since then it has fallen by 0.44% to 16.34%.
Fraction of Income towards Rent: Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Minnesota
| Date | US | Minnesota |
|---|---|---|
| 2019 | 20.03% | 16.34% |
| 2018 | 20.50% | 16.54% |
| 2017 | 20.13% | 16.48% |
| 2016 | 20.43% | 16.68% |
| 2015 | 20.63% | 16.78% |
| 2014 | 20.89% | 16.77% |
| 2013 | 20.78% | 16.45% |
| 2012 | 20.65% | 16.56% |
| 2011 | 20.70% | 16.58% |
| 2010 | 20.50% | 16.53% |
| 2009 | 20.12% | 16.33% |
| 2007 | 18.66% | 15.29% |
| 2005 | 18.89% | 15.96% |
Renter Fraction in Minnesota
You can calculate the renter fraction in Minnesota 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 Minnesota as a fraction of total Minnesota households. In 2019 28.08% of households were renters according to Census ACS data.
Minnesota 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% |
Trends in the Minnesota Renter Fraction
The Minnesota household renter fraction peaked in in 2015 at 29.06% and is now 0.98% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Minnesota, US
History of Minnesota Renter Fraction
| Date | US | Minnesota |
|---|---|---|
| 2019 | 35.89% | 28.08% |
| 2018 | 36.05% | 28.55% |
| 2017 | 36.13% | 28.43% |
| 2016 | 36.88% | 28.70% |
| 2015 | 36.97% | 29.06% |
| 2014 | 36.90% | 28.31% |
| 2013 | 36.50% | 28.45% |
| 2012 | 36.09% | 28.56% |
| 2011 | 35.42% | 27.24% |
| 2010 | 34.65% | 26.98% |
| 2009 | 34.13% | 26.29% |
| 2007 | 32.80% | 24.76% |
| 2005 | 33.10% | 24.23% |
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. ↩
