The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood and city snapshots.
The subject of today’s snapshot is for Central Minneapolis, Minnesota. Based on our analysis, Minneapolis’ year-over-year average rents decreased among selected bedroom unit types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Central Minneapolis 1-2 bedroom rents from September 1, 2020 – September 1, 2021:
As the table shows, 1BR units decreased by 0% from last year, and 2BR units decreased by 2% or $39 less. As demonstrated by the table, year-over-year performance for all bedroom units in Minneapolis saw no significant change in rent.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.