{"id":484,"date":"2021-01-14T11:34:53","date_gmt":"2021-01-14T11:34:53","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=484"},"modified":"2023-03-10T08:14:13","modified_gmt":"2023-03-10T08:14:13","slug":"twin-cities-housing-market-trends-winter-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-winter-2021\/","title":{"rendered":"Twin Cities Housing Market Trends &#8211; Winter 2021"},"content":{"rendered":"<h2><strong>Investors Hesitate as Volatility Lingers<\/strong><\/h2>\n<p>The Minneapolis-St. Paul multifamily market has proven relatively resilient in the face of adversity, even while rent gains entered negative territory on a trailing three-month basis in September. Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465.<\/p>\n<p>Gradual efforts to reopen the economy brought Twin Cities\u2019 unemployment rate to 4.2% in October, 270 basis points below the U.S. figure and the lowest figure among Midwestern markets. And while service and entertainment businesses are still facing difficulties, the construction industry is beginning to pick up steam again. Ryan Cos. officially began work on Highland Bridge\u2014a 122-acre redevelopment project on the site of the former Ford plant in St. Paul\u2019s Highland Park\u2014and Mortenson Co. broke ground on phase two of Destination Medical Center\u2019s Discovery Square project in Rochester, the largest public-private partnership in Minnesota history.<\/p>\n<p>In 2020 through November, multifamily transactions totaled $509 million, less than half the figure recorded in 2019. Meanwhile, pandemic-induced restrictions did not have a similar impact on the market\u2019s pipeline, with construction deemed essential. Some 5,200 units came online through November, in line with the metro\u2019s five-year average of 5,544 units.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1183-MatrixMultifamilyTwinCitiesReport-Winter2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Twin Cities Report-Winter 2021<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors Hesitate as Volatility Lingers The Minneapolis-St. Paul multifamily market has proven relatively resilient in the face of adversity, even while rent gains entered negative territory on a trailing three-month basis in September. Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465. Gradual [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":485,"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-484","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 Housing Market Trends - Winter 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465.\" \/>\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-winter-2021\/\" \/>\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 - Winter 2021\" \/>\n<meta property=\"og:description\" content=\"Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-winter-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-14T11:34:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:14:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/02\/Twin-Cities-Winter-2021-iStock-1288178192.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 - Winter 2021 - Yardi Matrix Blog","description":"Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465.","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-housing-market-trends-winter-2021\/","og_locale":"en_US","og_type":"article","og_title":"Twin Cities Housing Market Trends - Winter 2021","og_description":"Rates were down 0.3% to $1,332 on a trailing three-month basis through November, while the U.S. average stayed flat at $1,465.","og_url":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-winter-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-01-14T11:34:53+00:00","article_modified_time":"2023-03-10T08:14:13+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/02\/Twin-Cities-Winter-2021-iStock-1288178192.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Laura Calugar","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-winter-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-housing-market-trends-winter-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Twin Cities Housing Market Trends &#8211; 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