The top rental markets in Minnesota are Minneapolis, Duluth, Saint Paul, and Rochester.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Minnesota Rental Trends:
Minnesota is the Land of 10,000 Lakes and is the 12th largest state in the U.S. With a bustling economy in agriculture, mining, and technology, Minnesota is a great place to work and also is very affordable with a high demand for rentals. Here are some highlights from the top rental markets in the Gopher State.
Days on Market:
The city with the lowest days on market is Saint Paul at 11 – under the national average which sits at 15 days; Duluth has the highest number of days on market at 19.
The top three towns for the largest amount of leads per listing are around the national average sitting at 38. Here they are:
- Duluth – 47 leads per listing
- Saint Paul – 31 leads per listing
- Minneapolis – 20 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Duluth comes below that with the lowest average rent of $976 for a two-bedroom compared to the highest rent in Minnesota at $1,568 in Minneapolis.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Minnesota’s highest median sale price comes below that at $274,000 in Minneapolis with its lowest median sale price at $158,000 in Duluth.
Minnesota’s median income rings in at $52,730 – over the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Minnesota cities between 2018 and 2019. With the largest being an increase of 41.67% in Rochester at $850, and the largest decrease in Minneapolis at -3.01% with the current average at around $1,450 – over the national average for security deposits which is $1,200.
All of the Minnesota cities have a livability score of 62 or higher with the highest being Rochester at 82!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.