{"id":7917,"date":"2024-06-12T11:24:00","date_gmt":"2024-06-12T11:24:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7917"},"modified":"2024-10-22T11:47:18","modified_gmt":"2024-10-22T11:47:18","slug":"twin-cities-multifamily-market-report-may-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/twin-cities-multifamily-market-report-may-2024\/","title":{"rendered":"Twin Cities Multifamily Market Report \u2013 May 2024"},"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>Rents, Occupancy Show Positive Signs<\/h2>\n<p>Minneapolis-St. Paul fundamentals improved in the first quarter of 2024, despite macroeconomic uncertainty, according to the latest Twin Cities multifamily market report. Rents were up 0.3% on a trailing three-month basis, to $1,500, while the average overall occupancy rate was flat year-over-year through February, at 94.8%. Considering that only a few metros recorded occupancy improvement, this is a sign of strong absorption for the Twin Cities.<\/p>\n<p><iframe id=\"datawrapper-chart-lOkCK\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Twin Cities vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/lOkCK\/1\/\" height=\"321\" 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>Employment in the Twin Cities expanded by 1.5% in 2023, adding 31,500 net jobs. The metro\u2019s rate of growth was 50 basis points below the national average, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Education and health services led gains, with 15,300 positions added, marking a 4.1% increase. The area\u2019s jobless rate stood at 3.3% as of February, 60 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. And while the job market is starting to show some cracks, the metro has no shortage of large-scale projects. One such upcoming development is a 3 million-square-foot technology park proposed in Farmington, Minn.<\/p>\n<p><iframe id=\"datawrapper-chart-O7I0a\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Twin Cities Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/O7I0a\/1\/\" height=\"423\" 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>Development in the Twin Cities is decelerating, due to market conditions. Just 1,263 units came online this year through March, a clear downward shift compared to the continuous growth registered in the previous six years. The metro also recorded $287 million in multifamily transactions through March, an improvement from the same time frame last year.<\/p>\n<p>Read the full Yardi Matrix Twin Cities Multifamily Market Report: <a href=\"\/publications\/download\/file\/5647-MatrixMultifamilyTwinCitiesReport-May2024\" rel=\"\"><strong>May 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents, Occupancy Show Positive Signs Minneapolis-St. Paul fundamentals improved in the first quarter of 2024, despite macroeconomic uncertainty, according to the latest Twin Cities multifamily market report. Rents were up 0.3% on a trailing three-month basis, to $1,500, while the average overall occupancy rate was flat year-over-year through February, at 94.8%. Considering that only a [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,473],"class_list":["post-7917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 May 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Twin Cities rents rose 0.3% on a T3 basis through March, to $1,500, continuing positive performance that began in November 2023.\" \/>\n<meta name=\"robots\" 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