
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.

Get more local stories in your inbox with Axios Twin Cities.
More Twin Cities stories
No stories could be found

Get a free daily digest of the most important news in your backyard with Axios Twin Cities.