In downtown Minneapolis, where the vacancy rate declined slightly to 6.4%, average rents were up 2.4%. In Minneapolis, rents were up 4% during the fourth quarter, but in St. In the Twin Cities metro, rent gains varied dramatically by submarket. Yardi Matrix, which tracks rental markets across the country, said that during January annual rent growth in the Twin Cities was the lowest in the nation at 5% compared with a national increase of 13.9%. In the suburbs, those concessions have largely evaporated, but they're still being offered in some downtown buildings. The decline in the vacancy rate is good news for some property owners, many of whom offered rent concessions last year. Rental owners are also seeing demand from would-be home buyers who aren't willing to compete in an extremely tight single-family housing market. Job growth has also improved, he said, bolstering in-migration to the Twin Cities. Wittenberg attributed those gains to an increase in household formation that's in part a result of household "debundling," meaning people who moved in with family during the pandemic are moving out and looking for housing. Paul, the vacancy rate fell from 5.5% to 4.8%. In Minneapolis, the vacancy rate fell from 6.2% to 4.9%. In the suburbs, the vacancy rate during the fourth quarter fell to 3.0%, from 3.8% a year earlier. Wittenberg said demand for rentals was concentrated mostly in the suburbs, but even beleaguered landlords in the central cities where apartment openings were elevated last year saw modest gains. There are now years-long waiting lists for many low-income rentals. The report doesn't include senior or income-restricted housing, which has been in critically short supply. Including new buildings still in the initial leasing phase, the vacancy rate was slightly higher at 4.8%. Vacancy rates declined to 3.6% during the fourth quarter of 2021 from 4.4% a year earlier. The average rent at the end of year was $1,354, a 2.5% increase from the end of 2020. For the metro as a whole, rents rose only modestly.
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