record run during the past two years<\/strong><\/a> began to weaken at the beginning of 2023. Development slowed, transaction activity took a dive and occupancy slid more than a full percentage point in 12 months. However, this correction will likely spur a more sustainable pace of growth in the long term, especially when economic uncertainty subsides. While U.S. rent growth plateaued in the first quarter\u2014clocking in at $1,706\u2014Minneapolis-St. Paul rates improved by 0.2%, to $1,465.<\/p>\n