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Minneapolis Apartment Construction Volumes Near Two-Decade Peak

Minneapolis Apartment Construction Volumes Near Two-Decade Peak

After gaining momentum over the past few years, Minneapolis apartment construction activity is near a two-decade peak. As of 1st quarter 2021, there were nearly 14,300 units under construction in Minneapolis, with that volume expected to increase the existing apartment base by 4.7%. That’s well ahead of the average annual building pace closer to 10,000 units this market has logged in the past five years and one of the most sizable construction booms the metro has seen since RealPage began tracking the market in 2001. Minneapolis is the most active construction center in the Midwest, topping the volume of apartments under way in Chicago by nearly 3,000 units. Construction volumes in Minneapolis reached a recent peak near 15,800 units in 3rd quarter 2020 and have come down only slightly. Out of today’s construction activity under way, most apartment units are set to deliver by early 2022 and then completions are scheduled to fade to a more normal pace by early 2024.