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Rents in the Midwest are slowing, but continue to increase (4.5% Y/Y), while rents in the West (-3.0% Y/Y) and South markets (-0.7%) were lower than a year ago. With the release of the mid-year forecast, we expect that the median asking rents will experience a small annual decline at a rate of -0.9% in 2023.
General rules We require a rental license for any dwelling unit where the owner is not occupying the unit, even if: No rent is paid.
Is a rental license required to be a landlord? Minnesota does not have a statutory provision, but cities might have licensing requirements.
Minneapolis rentals average $1,009 for a studio rental to $2,825 for a 4-bedroom rental. The median price of all currently available listings is $2,194, or roughly $25 per square feet. For the apartment units and housing in October 2023, median rents have fallen substantiallyover the last year.
Minneapolis rents are down 0.8% month-over-month and down 1.3% year-over-year. The median rent in Minneapolis fell by 0.8% over the course of September, and has now decreased by a total of 1.3% over the past 12 months.