Market Watch: Trends in the unsubsidized multifamily rental market

Across the Twin Cities, the growing ranks of renter households are facing an increasingly challenging housing market with rising rents and declining vacancy rates. While developers are leveraging public and private resources to create new affordable units, current owners of unsubsidized rental properties have few tools to preserve and improve aging properties to maintain homes for current and future tenants.

The Market Watch series builds on MHP’s 2016 “Sold Out” report, and film with the same name. Minnesota Housing Partnership is doing a deep dive into NOAH (Naturally Occurring Affordable Housing) for Minnesota.

The first report, published in March 2018, analyzes data for approximately 50,000 unsubsidized rental units in properties with four or more units in Minneapolis from the CoStar database.

The second report, published in July 2018, analyzes data for approximately 28,740 unsubsidized rental units in properties with four or more units in Saint Paul from the CoStar database.

The third report, published in November 2018, focuses on typology of unsubsidized rental units, analyzing data for 210,915 unsubsidized rental units in properties with four or more units in the 7-county metro from the CoStar database.

The fourth report, published in January 2019, analyzes data for approximately 23,800 unsubsidized rental units in properties with four or more units in Dakota County from the CoStar database.

The fifth report, published in October 2019, analyzes data for approximately 117,800 unsubsidized rental units in properties with four or more units in Hennepin County from the CoStar database.

The sixth report, published in October 2021, provides updates and further analyzes on layers of affordability in the unsubsidized multi-family rental markets around the state through a series of maps. Data from the CoStar database.

The seventh report, published in May 2021, analyzes data for approximately 6,449 unsubsidized rental units in properties with four or more units in the Northland Region from the CoStar database.

The eighth report, published in May 2022, analyzes data for approximately 25,987 unsubsidized rental units in properties with four or more units in the Mankato, Moorhead, and St. Cloud metropolitan statistical areas from the CoStar database.

Market Watch: Trends in the unsubsidized multifamily rental market

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