MARKET SNAPSHOT

Twin Cities q2 2026

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AVERAGE RENT

$1,549 Q2 2026

OCCUPANCY RATE

94.7% Q2 2026

NET ABSORPTION

5,372 T4Q

ANNUAL RENT CHANGE

2.7% Q2 2026

ANNUAL OCCUPANCY CHANGE

0 BPS

UNIT COMPLETIONS

4,240 T4Q

KEY TAKEAWAYS

Demand continues to outpace supply, with trailing 12-month absorption of 5,372 units exceeding 4,240 units delivered, and 34 of 37 submarkets posting positive absorption.

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The construction pipeline is contracting, with trailing 12-month starts declining to 3,846 units and 6,117 units under construction (2.1% of inventory), positioning the market for reduced delivery pressure through 2027.

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Rents have accelerated to $1,549 per unit, up 2.7% year over year and 1.5% quarter over quarter, while stabilized occupancy of 94.7% has held roughly flat annually and gained 20 basis points from the prior quarter.

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MARKET OUTLOOK

Minneapolis is moving past the peak of its supply cycle into a more balanced operating environment. Both completions and new construction starts have pulled back sharply...

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