MARKET SNAPSHOT

Twin Cities q3 2025

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AVERAGE RENT

$1,543 Q3 2025

OCCUPANCY RATE

94.7% Q3 2025

NET ABSORPTION

6,902 YTD Q3 2025

ANNUAL RENT CHANGE

2.5% Q3 2025

ANNUAL OCCUPANCY CHANGE

+20 BPS Q3 2025

UNIT COMPLETIONS

3,171 YTD Q3 2025

KEY TAKEAWAYS

Demand continues to outpace new supply, tightening market conditions and supporting healthier leasing velocity, even in areas that faced pressure earlier in the cycle. The near-term pipeline is manageable, which should keep competition contained as recent lease-ups season.

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Pricing power is firming from an affordable base. Rents remain below the national average, helping retention and expanding the renter pool, with the greatest gains mostly in submarkets where new deliveries are light and demand drivers are durable.

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Occupancy is stable near the market’s long-term average and above the national benchmark despite the sizable post-pandemic inventory expansion, reflecting resilient underlying demand.

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MARKET OUTLOOK

Baseline expectations call for steady normalization through 2026. Absorption is positioned to match or exceed quarterly deliveries as supply pressure eases,...

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