{"id":3096,"date":"2022-02-03T16:20:42","date_gmt":"2022-02-03T16:20:42","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3096"},"modified":"2023-09-21T07:42:59","modified_gmt":"2023-09-21T07:42:59","slug":"twin-cities-housing-market-trends-january-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-january-2022\/","title":{"rendered":"Twin Cities Housing Market Trends (January 2022)"},"content":{"rendered":"<h2>Investment Bounces Back, Development Explodes<\/h2>\n<p>Showing a great deal of resilience, the <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/twin-cities-housing-market\/\">Twin Cities multifamily<\/a> market is making strides<\/strong> toward full recovery as health crisis-induced difficulties fade away. Mirroring pre-pandemic trends, <strong>rent growth is slow, but steady<\/strong>. On a trailing three-month basis through November, rates inched up 0.5% to an average of $1,425. Meanwhile, U.S. rents increased by 1.0% to $1,590.<\/p>\n<p><strong>Employment improved by 5.7%<\/strong> in the 12 months ending in September, with leisure and hospitality leading growth with 23,500 jobs. Preliminary Bureau of Labor Statistics data shows that the unemployment rate in Minneapolis-St. Paul decreased to 2.6% in October, marking the lowest level reported since December 2019. This has put great pressure on employers, who are having a hard time finding and retaining talent, despite increased pay. Four employment sectors contracted by a combined 7,200 jobs, including government, financial activities and information. Several newspapers and publications closed or moved to a digital structure, resulting in hundreds of employees being furloughed.<\/p>\n<p><strong>Investors\u2019 appetite for Twin Cities multifamily assets picked up in 2021, hitting $1.2 billion through November.<\/strong> This was a significant improvement from 2020\u2019s $883 million total investment volume. Developers delivered 7,382 units in the first 11 months of 2021 and had another 18,028 apartments under construction.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1399-MatrixMultifamilyTwinCitiesReport-January2022\"><strong>Matrix Multifamily Twin Cities Report-January 2022<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment Bounces Back, Development Explodes Showing a great deal of resilience, the Twin Cities multifamily market is making strides toward full recovery as health crisis-induced difficulties fade away. Mirroring pre-pandemic trends, rent growth is slow, but steady. On a trailing three-month basis through November, rates inched up 0.5% to an average of $1,425. Meanwhile, U.S. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,473],"class_list":["post-3096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 Housing Market Trends (January 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Mirroring pre-pandemic trends, rent growth is slow, but steady. On a trailing three-month basis through November, rates inched up 0.5% to an average of $1,425.\" \/>\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-housing-market-trends-january-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twin Cities Housing Market Trends (January 2022)\" \/>\n<meta property=\"og:description\" content=\"Mirroring pre-pandemic trends, rent growth is slow, but steady. On a trailing three-month basis through November, rates inched up 0.5% to an average of $1,425.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-january-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T16:20:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T07:42:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/02\/Twin-Cities-iStock-1359548880.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=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Twin Cities Housing Market Trends (January 2022) - Yardi Matrix Blog","description":"Mirroring pre-pandemic trends, rent growth is slow, but steady. 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