MARKET SNAPSHOT Twin Cities q3 2025

Market Overview

‍The Twin Cities multifamily market is tightening, average rent hit approximately $1,543 in Q3 2025, occupancy stands at 94.7 % and net absorption has reached 6,902 units year-to-date while only 3,171 units were completed. Annual rent growth is 2.5 % and occupancy is up 20 basis points, signalling that demand is comfortably outpacing supply and lease-up velocity is improving. The near-term construction pipeline remains manageable, supporting a favourable supply–demand balance heading into 2026.

‍About MMG

‍MMG Real Estate Advisors is a U.S.-based multifamily research and advisory firm specialising in metro-level rental housing market intelligence. Their Q3 2025 Twin Cities report blends detailed metrics on rent, occupancy, absorption, completions and pipeline conditions to help developers, owners and investors benchmark performance and assess timing opportunities. To read the full report, click here.