Asking Rents Rise, Occupancy Shoots Up
The Twin Cities displayed mostly positive performance as 2025 wrapped up, with some fundamentals outperforming, as per the latest Twin Cities multifamily market report. The average advertised asking rent was up 0.2%, on a trailing three-month basis through November, to $1,609. In fact, the metro was the only major market that recorded growth during this time frame. Year-over-year, rents were up 3.2%, placing the metro third among larger U.S. markets, according to the national multifamily market report. Meanwhile, occupancy in stabilized assets shot up 60 basis points over 12 months, clocking in at 95.7% as of October, due to strong performance in Lifestyle assets.
Employment in the Twin Cities expanded by 0.7% as of August, with the metro adding 15,000 net jobs over 12 months. Education and health services led gains with 16,800 jobs, marking a 4.3% expansion year-over-year. The area’s unemployment rate stood at 4.1% as of August, 20 basis points below the U.S. rate, according to preliminary data from the Bureau of Labor Statistics. Canterbury Park’s planned 27-acre entertainment district is expected to further boost the leisure and hospitality sector. The project would be located south of the current 19,000-seat amphitheater, which is set to open next summer.
Only 4,911 units, or 1.8% of existing stock, came online this year through November across the metro, 100 basis points below the national rate. Meanwhile, transaction activity remains particularly strong, with $1.5 billion in assets trading in 2025 through November.
Read the full Yardi Matrix Twin Cities Multifamily Market Report: January 2026
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