{"id":1993,"date":"2021-10-15T14:02:06","date_gmt":"2021-10-15T14:02:06","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1993"},"modified":"2024-02-06T11:00:27","modified_gmt":"2024-02-06T11:00:27","slug":"twin-cities-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/","title":{"rendered":"Twin Cities Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"<h2><strong>Rent Growth Moderates, Completions Speed Up<\/strong><\/h2>\n<p>After a healthy run following the shock brought by the health crisis\u2014when many residents fled gateway metros\u2014the Twin Cities multifamily market seems to be returning to its pre-pandemic trend of slower growth. Rent expansion was flat month-over-month as of July, while on a trailing three-month basis rates were up a relatively low 0.5%, 110 basis points below the U.S. rate.<\/p>\n<p>Unemployment remained above pre-pandemic levels\u20144.5% as of June, according to preliminary Bureau of Labor Statistics data. The Minneapolis downtown area was particularly hard hit by the latest economic downturn, as companies started to embrace flex work arrangements. After Target Corp. announced it will vacate nearly 1 million square feet of office space in City Center, nonprofit Portico Benefit Services also disclosed plans to relocate its workers from downtown Minneapolis to Edina. Job<br \/>\nlosses in the city\u2019s core will be partially offset by Deluxe Corp., a company that is bringing its 525 workers to the 801 Marquette Building in Minneapolis\u2019 CBD this fall.<\/p>\n<p>In 2021 through July, developers completed 4,232 units. Yardi Matrix expects almost 8,400 units to be added to Twin Cities\u2019 stock this year, which would mark a decade high. Some urban areas are under intense pressure to absorb recently delivered units, with occupancy in stabilized properties for the metro\u2019s urban section declining from 95.1% in June 2020 to 94.2% in June 2021.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1328-MatrixMultifamilyTwinCitiesReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Twin Cities Report-Summer 2021<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rent Growth Moderates, Completions Speed Up After a healthy run following the shock brought by the health crisis\u2014when many residents fled gateway metros\u2014the Twin Cities multifamily market seems to be returning to its pre-pandemic trend of slower growth. Rent expansion was flat month-over-month as of July, while on a trailing three-month basis rates were up [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,473],"class_list":["post-1993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-twin-cities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Twin Cities Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin Cities Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"Rent Growth Moderates, Completions Speed Up After a healthy run following the shock brought by the health crisis\u2014when many residents fled gateway metros\u2014the Twin Cities multifamily market seems to be returning to its pre-pandemic trend of slower growth. Rent expansion was flat month-over-month as of July, while on a trailing three-month basis rates were up [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-15T14:02:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:00:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Laura Calugar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Twin Cities Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/","og_locale":"en_US","og_type":"article","og_title":"Twin Cities Multifamily Market Report \u2013 Summer 2021","og_description":"Rent Growth Moderates, Completions Speed Up After a healthy run following the shock brought by the health crisis\u2014when many residents fled gateway metros\u2014the Twin Cities multifamily market seems to be returning to its pre-pandemic trend of slower growth. Rent expansion was flat month-over-month as of July, while on a trailing three-month basis rates were up [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-10-15T14:02:06+00:00","article_modified_time":"2024-02-06T11:00:27+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Laura Calugar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Twin Cities Multifamily Market Report \u2013 Summer 2021","datePublished":"2021-10-15T14:02:06+00:00","dateModified":"2024-02-06T11:00:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/"},"wordCount":237,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","keywords":["Multifamily Outlook 2021","Twin Cities"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/","url":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/","name":"Twin Cities Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","datePublished":"2021-10-15T14:02:06+00:00","dateModified":"2024-02-06T11:00:27+00:00","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","width":1200,"height":628,"caption":"Image by Tammi Mild\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-summer-2021\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Twin Cities Multifamily Market Report \u2013 Summer 2021"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/10\/Twin-Cities-iStock-1301957717.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/1993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=1993"}],"version-history":[{"count":4,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/1993\/revisions"}],"predecessor-version":[{"id":4925,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/1993\/revisions\/4925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/1994"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=1993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=1993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=1993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}