Feb 6, 2023 - Real Estate

Rents in the Twin Cities rose slower than the U.S. average

Change in average asking rent for apartments in select markets
Data: Moody's Analytics; Table: Kavya Beheraj/Axios

Rents in the Twin Cities grew at a slower place than the U.S. average in 2022, according to a report by Moody's Analytics.

Details: The average asking rent for an apartment in the Twin Cities grew by 5.2% in 2022, reaching $1,510, per Moody's.

Why it matters: Rents have risen slower than income growth, which is why the Twin Cities is one of five metro areas where renters became less cost-burdened over the past three years, according to Moody's.

Yes, but: Apartment construction has been booming in the metro over the past several years, helping boost supply. But there are early indications of a slowdown due to rising interest rates, construction costs and concerns about rent control policies.

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