{"id":6575,"date":"2023-10-20T07:25:32","date_gmt":"2023-10-20T07:25:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6575"},"modified":"2024-03-11T15:12:49","modified_gmt":"2024-03-11T15:12:49","slug":"twin-cities-multifamily-market-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-september-2023\/","title":{"rendered":"Twin Cities Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/twin-cities-multifamily-market-report\/\">Twin Cities Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Market Not Immune To National Trends<\/h2>\n<p>Market fundamentals were modest in the Minneapolis-St. Paul market, with rents up 0.2% on a trailing three-month basis through July, to $1,483. The figure remained below the national average of $1,729, which advanced 0.3%. Year-over-year, rent growth in Twin Cities hit 1.7%, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-september-2023\/\"><strong>just above the U.S. figure<\/strong><\/a>, which clocked in at 1.6%.<\/p>\n<p><iframe id=\"datawrapper-chart-hhtuS\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Twin Cities vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/hhtuS\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Twin Cities employment growth (1.8%) trailed the national average (2.8%) as of May. Despite only two sectors recording losses, the rate was 100 basis points below the U.S. figure. Sectors recording significant gains included leisure and hospitality (17,700 jobs, up 9.6%), education and health services (12.900 jobs, up 3.5%) and government (7,200 jobs, up 2.8%). Meanwhile, the metro\u2019s 3.3% unemployment rate as of June was below the already low national figure, which sat at 3.6%.<\/p>\n<p><iframe id=\"datawrapper-chart-Sc6o3\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Twin Cities Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Sc6o3\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Transactions slumped after two years of record volumes. In the first seven months of 2023, investors mainly targeted Renter-by-Necessity properties, with the total year-to-date through July at just $186.9 million. Developers brought 1,494 units online, with an additional 16,679 units underway as of July. Yardi Matrix expects 6,841 units to come online during 2023, marking a clear change of pace from the previous two years, when nearly 23,000 units came online in 24 months.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4503-MatrixMultifamilyTwinCitiesReport-September2023\"><strong>Matrix Multifamily Twin Cities Report-September 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Market Not Immune To National Trends Market fundamentals were modest in the Minneapolis-St. Paul market, with rents up 0.2% on a trailing three-month basis through July, to $1,483. The figure remained below the national average of $1,729, which advanced 0.3%. Year-over-year, rent growth in Twin Cities hit 1.7%, just above the U.S. figure, which clocked [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,473],"class_list":["post-6575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Minneapolis-St. Paul rents increased 0.2% on a T3 basis in July to $1,483, below the 0.3% national rate, according to Yardi Matrix data.\" \/>\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-september-2023\/\" \/>\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 September 2023\" \/>\n<meta property=\"og:description\" content=\"Minneapolis-St. Paul rents increased 0.2% on a T3 basis in July to $1,483, below the 0.3% national rate, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-september-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-20T07:25:32+00:00\" \/>\n<meta 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