Twin Cities Multifamily Report – January 2026
The market continues its strong streak.
The Twin Cities displayed mostly positive performance as 2025 wrapped up, with some fundamentals outperforming. The average advertised asking rent was up 0.2 percent, on a trailing three-month basis through November, to $1,609. In fact, the metro was the only major market that recorded growth during this time frame. Year-over-year, rents were up 3.2 percent, placing the metro third among larger U.S. markets. Meanwhile, occupancy in stabilized assets shot up 60 basis points over 12 months, clocking in at 95.7 percent as of October, due to strong performance in Lifestyle assets.
Employment in the Twin Cities expanded by 0.7 percent as of August, with the metro adding 15,000 net jobs over 12 months. Education and health services led gains with 16,800 jobs, marking a 4.3 percent expansion year-over-year. The area’s unemployment rate stood at 4.1 percent as of August, 20 basis points below the U.S. rate, according to preliminary data from the Bureau of Labor Statistics. Canterbury Park’s planned 27-acre entertainment district is expected to further boost the leisure and hospitality sector. The project would be located south of the current 19,000-seat amphitheater, which is set to open next summer.
Only 4,911 units, or 1.8 percent of existing stock, came online this year through November across the metro, 100 basis points below the national rate. Meanwhile, transaction activity remains particularly strong, with $1.5 billion in assets trading in 2025 through November.
