Minneapolis Multifamily MarketBeat Q1 2026

Minneapolis's multifamily market delivered 876 units in Q1 2026 with stabilized vacancy rising to 6.1% and net absorption declining to 240 units year-over-year, as supply outpaced demand while construction costs and tight financing conditions continued to constrain the development pipeline at 6,054 units. Average effective rents reached $1,557 per unit, up 2.6% year-over-year, with rent growth remaining steady across core locations while outer submarkets faced more competitive conditions and elevated concessions during lease-up.