Department of Numbers

Minneapolis Minnesota Residential Rent and Rental Statistics

The median monthly gross residential rent in Minneapolis, MN (the Minneapolis-St Paul-Bloomington metro area) was $1,000 in 2016 according to the Census ACS survey.1 Average gross rent in Minneapolis was $1,046 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Minneapolis median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Minneapolis Minnesota (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Minnesota Median Gross Rent $912 +1.33% +8.96%
Minneapolis, MN Median Gross Rent $1,000 +0.81% +9.17%

Minneapolis, MN Real Gross Rent Trends

At $1,000, real median gross rent in Minneapolis was at its highest level in 2016 since the series began in 2005. At $1,046, real average gross rent in Minneapolis was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Minneapolis: Minneapolis MN Median, Minneapolis MN Average, Minnesota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Minneapolis

Date US
Median
Minnesota
Median
Minneapolis, MN
Median
Minneapolis, MN
Average
2016 $981 $912 $1,000 $1,046
2015 $972 $900 $992 $1,033
2014 $942 $866 $946 $990
2013 $910 $837 $916 $969
2012 $898 $826 $909 $949
2011 $898 $812 $885 $922
2010 $912 $815 $902 $944
2009 $916 $824 $914 $948
2008 $932 $830 $931 $980
2007 $885 $798 $893 $938
2006 $895 $822 $918 $958
2005 $869 $826 $915 $947

Minneapolis Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Minneapolis Minnesota was 3.32% according to Census ACS data.

Rental Vacancy Rate in Minneapolis Minnesota

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Minnesota 4.01% -0.34% +0.07%
Minneapolis, MN 3.32% -0.33% +0.15%

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 4.75% to 3.32%. Data records for this series originated in 2005. From a 2012 post peak low of 3.16%, the rental vacancy rate has increased by 0.16%.

Rental Vacancy Rate: Minneapolis MN, Minnesota, US

Rental vacancy rate in Minnesota

Historical Rental Vacancy Rate data for Minneapolis

Date US Minnesota Minneapolis, MN
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%
2008 7.86% 5.76% 5.74%
2007 7.87% 7.07% 6.55%
2006 7.70% 8.06% 8.07%
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 16.39% in 2016 according to the ACS.

Minneapolis Minnesota Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Minnesota 16.68% -0.10% +0.24%
Minneapolis, MN 16.39% -0.16% +0.12%

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 0.16% to 16.39%.

Fraction of Income towards Rent: Minneapolis MN, Minnesota, US

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

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

Date US Minnesota Minneapolis, MN
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%
2008 19.00% 15.37% 14.99%
2007 18.66% 15.29% 14.95%
2006 18.90% 15.57% 15.10%
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 2016 30.84% of households were renters according to Census ACS data.

Minneapolis Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Minnesota 28.70% -0.36% +0.25%
Minneapolis, MN 30.84% -0.26% +0.32%

Trends in the Minneapolis, MN Renter Fraction

The Minneapolis household renter fraction peaked in in 2015 at 31.10% and is now 0.26% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Minneapolis MN, Minnesota, US

Fraction of renters in Minneapolis

History of Minneapolis Renter Fraction

Date US Minnesota Minneapolis, MN
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%
2008 33.36% 25.34% 26.17%
2007 32.80% 24.76% 25.83%
2006 32.73% 23.70% 24.75%
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.