How many renters live in Minnesota?
The State of Minnesota has 65,929 people living in 27,301 households.
There are 15,377 renters living in 8,898 renter households in this State. Renters make up 23.32 percent of the population living in Minnesota.
What is the rental market like in Minnesota?
There are an estimated 26,987 housing units in the Minnesota area. Of these, 9,566 units are rental homes, making up 35 percent of the housing market. For every renter household in Minnesota, there are 1 rental units.
What is the vacancy rate for rentals in Minnesota?
The rental vacancy rate in Minnesota is 9 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Minnesota for each bedroom size?
Occupied Rental Units by Size in Minnesota
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 462 | 2,531 | 3,537 | 1,241 | 688 |
Occupied Rental Units by Size in Minnesota
A large number of apartments in Minnesota have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Minnesota are overburdened by housing costs?
Among renter households in this market, 46 percent have housing cost burden. Further, 29 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How many units are rented at Fair Market Rent (FMR) in Minnesota?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 174 | 38 percent |
| One BR | 1,485 | 59 percent |
| Two BR | 1,582 | 45 percent |
Rental Units Below FMR in Minnesota
How many affordable rental units are in Minnesota?
There are a variety of federal affordable housing programs serving households in Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 400 |
| Public Housing | 178 |
| Section 8 Project-Based Rental Assistance | 358 |
| USDA Section 515 Rural Rental Housing | 40 |
Tracked Units by Federal Program in Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Minnesota
Minnesota features 70,316 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Minnesota
There are 46,279 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Minnesota.
Housing Choice Vouchers in Minnesota
On average, Section 8 Housing Choice vouchers pay Minnesota landlords $700 per month towards rent. The average voucher holder contributes $400 towards rent in Minnesota.
The maximum amount a voucher would pay on behalf of a low-income tenant in Minnesota for a two-bedroom apartment is between $850 and $1,038.
Sourced from federal housing data and AffordableHousingOnline.com research.
