Get a pulse on current market trends in Minneapolis-St. Paul, MN. Learn more about local renters and how their preferences are influencing the multifamily real estate landscape.
In our Minneapolis City Guide, we highlight the many reasons that the city is attractive to renters, including its vibrant urban center, strong arts scene, and Midwestern charm. Going beyond the city’s attractions, we analyzed Apartments.com's proprietary search data and created this Local Market Renter Insights Report for Minneapolis, MN to illustrate who they are and how they’re searching for apartments. Download and print the report, and share these trends with your leasing and marketing staff to ensure you’re positioning your property to meet their demands.
This local information shows strong indicators about the amenities, neighborhoods, and other influencing factors in Minneapolis apartment searches to help you position your apartment community to meet consumer trends.
Characteristics of Minneapolis Renters
It’s important to know your audience to effectively allocate your advertising dollars and target them on relevant outlets with appropriate messaging. These renter insights reveal characteristics of the typical renter looking for apartments in Minneapolis on Apartments.com:
57% are female
35% between 25 and 34 years old
Nearly half are married
Over one-third have children
60% have some college or higher
58% have an average household income under $75,000
The Basics: Price and Size
In Minneapolis, 28% are looking at units within the $1,000-1,299 range. In terms of size and type, 69% of Minneapolis renters on Apartments.com are hoping to find a one or two-bedroom unit and 65% need at least one bath versus 35% who require two or three bathrooms. As for style, 65% desire an apartment over those who prefer condos, homes, or townhomes.
Top 5 Searched Apartment Amenities
In many ways, the apartment trends in the Twin Cities are in step with what’s happening across the nation. Many are calling it an “amenity arms race” as apartment communities continue to increase the available amenities in hopes of making their units more attractive to renters.
In Minneapolis, the top-searched amenities are:
These apartment amenities and community features can have a direct impact on the lives of residents, streamlining daily needs, such as commuting, laundry, and air temperature as well as pet-related services to accommodate their four-legged friends.
Minneapolis Pet Owners
Eighty-five percent of Minneapolis properties listed on Apartments.com allow pets. Specifically, 66% of renters are searching for dog-friendly communities with only 34% looking for cat-friendly spaces.
In a recent analysis by WalletHub, St. Paul was found to be more pet-friendly than Minneapolis. Ranked in the categories of Pet Budget, Pet Health, and Outdoor Pet Friendliness, St. Paul was #46 in the nation while Minneapolis was #60.
Top 5 Most Searched Neighborhoods in Minneapolis
Real estate can by hyper-localized. Additionally, residential rentals do not always follow the same trends as real estate sales.
At Apartments.com, we found that the hottest apartment rental markets in Minneapolis are in these neighborhoods:
Beyond Checkboxes: Top 5 Renter Keyword Searches
Consumers know that an apartment’s characteristics go beyond a listing’s checkboxes. From gourmet kitchens to large windows, units can be wildly different, and renters are using keyword searches to customize their apartment search for the specific features they desire.
The top renter keyword searches for apartments in the Minneapolis area are:.
For more local renter insights and trends, stay tuned to the Apartments.com Community Voice blog. Plus, take a look at our Market Analytics services for in-depth, real time rental trends in your metro area — everything from prices, concessions, and occupancy to floor plans, amenities, and appearance.
Source: Google Analytics, Q2 2018