Minneapolis Rents Are Going Down

"Rents in the Minneapolis-St. Paul-Bloomington metro are continuing to ease as 2025 comes to a close, offering renters some welcome relief after years of elevated prices. The Realtor.com® November 2025 Rental Report shows that asking rents are now lower than they were last fall, placing the Twin Cities firmly within the national rental cooldown. While the trend is positive, affordability remains a concern for many households."

"Minneapolis-St. Paul-Bloomington posted a 0.9% year-over-year decline in median asking rent for 0- to 2-bedroom units in November. That decrease puts the metro solidly in "rent is going down" territory, signaling a market that is slowly rebalancing after the post-pandemic surge. Lower rents are helping at the margins, particularly for lower-wage households. Two minimum-wage earners in the Twin Cities area would each need to work about 54 hours per week to afford the median rental while keeping housing costs at 30% of income."

Asking rents in the Minneapolis–St. Paul–Bloomington metro declined 0.9% year over year in November 2025 for 0- to 2-bedroom units, signaling a slow market rebalancing after post-pandemic increases. The metro now sits within the broader national rental cooldown, where median asking rent across the 50 largest U.S. metros fell to $1,693, down 1% from a year earlier and marking the 28th consecutive month of year-over-year declines. The easing reflects softer demand rather than a sharp correction, giving renters modest negotiating power while rents remain historically high and affordability challenges persist for lower-wage households.

Read at SFGATE