Insights / Minneapolis
Minneapolis, MN Multifamily Market Read | September 2026
Minneapolis reads Firm and Heating, so landlords have the edge. Asking rents are firming, up 3.1% over the past year (Zillow ZORI, monthly, latest Aug 2026). This brief lays out what the current data shows for Minneapolis, grouped by how often each source updates.
Updated September 20, 2026
What is moving now (monthly)
Asking rents are firming, up 3.1% over the past year (Zillow ZORI, monthly, latest Aug 2026). Jobs are growing modestly, up 1.4% over the past year (BLS, monthly, latest Aug 2026).
The backdrop (yearly, US Census Bureau)
Vacancy was 5.5%, in a middling range, in the 2024 count (US Census Bureau). This is a yearly snapshot, not a monthly signal. New permitting was heavy, +23.3% in the 2025 count (US Census Bureau, building permits). A standing yearly figure, not a live signal. Net migration was positive at +2.0 per 1,000 residents in the 2025 count (US Census Bureau).
Rent context
The metro median rent, including utilities, was about $1,444 a month in the 2024 count (US Census Bureau).
What the data shows
Taken together, Minneapolis is Firm and heating: landlords have the edge. The monthly movers, asking rent and jobs, are the live part of the picture, while vacancy, permitting, and migration are yearly snapshots that set the backdrop. MetroSgnl reads the market from public data and shows every figure with its source and cadence. This is market information, not investment advice, and not a recommendation about any property.
Is the Minneapolis rental market tight or soft right now?
Minneapolis reads Firm right now, so landlords have the edge.
Which way is the Minneapolis market heading?
Minneapolis is heating right now, as asking rents firm over the past year (Zillow ZORI, monthly).
Is Minneapolis a landlord's or a renter's market?
Minneapolis is a landlord's market right now, because it reads Firm.
What is the vacancy rate in Minneapolis?
Vacancy in Minneapolis is 5.5% in the Jan 2024 count, a yearly snapshot rather than a live monthly signal (US Census Bureau).
How much have Minneapolis rents changed?
Asking rents in Minneapolis are up 3.1% over the past year (Zillow ZORI, monthly, latest Aug 2026).
Recent coverage
Daily, from the MetroSgnl news feed. Headlines only.
Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.