Matrix Multifamily Twin Cities Report-May 2025

Market Overview

In Q2 2025, the Twin Cities multifamily market displayed improving fundamentals as demand outpaced supply—2,367 units were absorbed compared to 1,361 units delivered—signaling a tightening market dynamic. Asking rents averaged $1,547, with occupancy holding steady at 94.6 percent. Year-over-year rent growth accelerated to 2.4 percent, placing the metro among the top 10 nationally. The development pipeline remained lean, with H1 completions at their lowest level since 2016 and construction activity nearing decade lows, easing future supply pressure.About Yardi Matric

About Yardi Matrix

Yardi Matrix is a premier provider of data and analytics for commercial real estate, especially multifamily markets. Their metro-level multifamily reports offer timely snapshots of rent trends, occupancy, supply pipelines, and transaction activity to support informed decision-making by investors, operators, and analysts.