After hitting an all-time high vacancy rate of 8.4% in the first quarter of 2024, Minneapolis' multifamily vacancy rate has compressed to a three-year low of 6.5%, well below the U.S. average of 8.2%. The 190-basis-point contraction in the vacancy rate since the first quarter of 2024 ranks as the most substantial among the nation's 50 largest multifamily markets by inventory, with both demand-side and supply-side factors fueling the recovery.
Minneapolis' multifamily market recovery is among the strongest in the U.S.
Continued vacancy rate compression helps bolster the market's low 'years of supply'
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