As you might have noticed, demand for apartments in Minneapolis seems to be higher than ever. And while developers also seem to be building new apartment projects faster than ever, the high demand is continuing to push rent prices higher and higher not only in downtown Minneapolis but all over the Twin Cities region.
According to a recent study done by Zumper, a rapidly-growing apartment finding company, Minneapolis now ranks as the 15th most expensive city in the U.S. in terms of rent prices, which puts it ahead of cities like Baltimore and even Denver, which is also seeing tremendous growth right now.
From May to June, one-bedroom rentals in Minneapolis saw a 2.4% hike, putting the median price right at $1,260 per month. On the flip side, however, two-bedrooms in Minneapolis actually saw a slight decline of about 2.7%, putting that median price at $1,460.
According to Zumper’s National Report for June, San Francisco, New York City, San Jose, and Boston ranked as the top four most expensive markets in the U.S., with San Francisco currently seeing a median rent price for a one-bedroom at $3,590 and the median price for a two-bedroom at $4,800.