As Minneapolis increases in popularity so do the rental rates throughout the city. The vacancy rate in Minneapolis is at a record low of 1.8 percent, and as demand has jumped so has the average rent, rising 5.4 percent in two years to $951. The downtown area has seen an even greater increase, moving up 11.6 percent, from $1,135 two years ago to $1,267 today.
Along with low vacancy rates, the quality of the apartments being built is improving. The new Soo Line Building on 501 Marquette Avenue, which broke ground on Wednesday, will provide the high-end amenities seen in expensive hotels. With granite countertops and stainless steel appliances becoming the new standard, the rent has to keep up with prices.