Absorption totaled 5,205 units over the past four quarters, outpacing the 4,101 deliveries over the same period. This is a meaningful reversal from the prior-year period when deliveries exceeded absorption by +3,700 units, reflecting a market that has worked through the bulk of its supply wave.
Click Here
The active pipeline has contracted to its lowest level since 2015, while annual completions fell from 8,719 in Q1 2025 to just 4,101 over the past year, a 53% reduction. Further, trailing starts of 3,722 units signals continued moderation in forward supply pressure through 2026 and into 2027.
Click Here
Average rents are up 2.5% annually ranking Minneapolis 4th among the 50 largest markets in the U.S. Stabilized occupancy continues to compress modestly due to impacts of the past supply wave, but remains well above average.
Click Here
MARKET OUTLOOK
Minneapolis has moved decisively past the peak of its supply cycle. Trailing completions have fallen more than...
