Department of Numbers

Hennepin County Minnesota Residential Rent and Rental Statistics

The median monthly gross residential rent in Hennepin County MN was $1,095 in 2017 according to the Census ACS survey.1 Average gross rent in Hennepin County was $1,133 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Hennepin County median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Hennepin County Minnesota (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Minnesota Median Gross Rent $939 +1.40% +6.70%
Hennepin County MN Median Gross Rent $1,095 +4.58% +12.08%

Hennepin County MN Real Gross Rent Trends

At $1,095, real median gross rent in Hennepin County was at its highest level in 2017 since the series began in 2005. At $1,133, real average gross rent in Hennepin County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Hennepin County MN Median, Hennepin County MN Average, Minnesota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hennepin County

Date US
Median
Minnesota
Median
Hennepin County MN
Median
Hennepin County MN
Average
2017 $1,012 $939 $1,095 $1,133
2016 $996 $926 $1,047 $1,101
2015 $987 $914 $1,033 $1,072
2014 $956 $880 $977 $1,029
2013 $924 $850 $950 $1,017
2012 $912 $839 $925 $980
2011 $912 $824 $909 $961
2010 $927 $828 $933 $975
2009 $931 $837 $942 $979
2008 $947 $843 $958 $1,020
2007 $899 $810 $921 $989
2006 $909 $835 $946 $988

Hennepin County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Hennepin County Minnesota was 3.89% according to Census ACS data.

Rental Vacancy Rate in Hennepin County Minnesota

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Minnesota 4.31% +0.30% -0.22%
Hennepin County MN 3.89% +0.49% +0.30%

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 5.04% to 3.89%. Data records for this series originated in 2005. From a 2013 post peak low of 2.28%, the rental vacancy rate has increased by 1.61%.

Rental Vacancy Rate: Hennepin County MN, Minnesota, US

Rental vacancy rate in Minnesota

Historical Rental Vacancy Rate data for Hennepin County

Date US Minnesota Hennepin County MN
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%
2008 7.86% 5.76% 5.31%
2007 7.87% 7.07% 7.14%
2006 7.70% 8.06% 8.93%

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 17.62% in 2017 according to the ACS.

Hennepin County Minnesota Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Minnesota 16.48% -0.21% -0.29%
Hennepin County MN 17.62% +0.24% -0.15%

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 2014 (relative to the 2005 series origin) at 17.77%. Since then it has fallen by 0.15% to 17.62%.

Fraction of Income towards Rent: Hennepin County MN, Minnesota, US

Percent of median household income going towards median monthly gross rent in Hennepin County Minnesota

Historical Data for Annual Rent as a Fraction of Income in Hennepin County Minnesota

Date US Minnesota Hennepin County MN
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%
2008 19.00% 15.37% 16.08%
2007 18.66% 15.29% 15.90%
2006 18.90% 15.57% 16.35%

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 2017 37.44% of households were renters according to Census ACS data.

Hennepin County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Minnesota 28.43% -0.27% +0.12%
Hennepin County MN 37.44% -1.43% +0.22%

Trends in the Hennepin County MN Renter Fraction

The Hennepin County household renter fraction peaked in in 2016 at 38.87% and is now 1.43% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Hennepin County MN, Minnesota, US

Fraction of renters in Hennepin County

History of Hennepin County Renter Fraction

Date US Minnesota Hennepin County MN
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%
2008 33.36% 25.34% 32.84%
2007 32.80% 24.76% 32.52%
2006 32.73% 23.70% 31.86%

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.