Zip codes with the fastest growing rent in Minneapolis

Written by:
March 24, 2021
realtor.com

Zip codes with the fastest growing rent in Minneapolis

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Minneapolis using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

Zip codes with the fastest growing rent in Minneapolis

Since the start of the 21st century and prior to the coronavirus pandemic, the cost of rent has skyrocketed across America. Every state in the nation saw a spike in the cost of apartments and other residential rentals. Places like Washington D.C., California, and Hawaii have seen rent prices more than double over the past two decades.

While the reasons for rent hikes may vary by locality, one of the major factors for higher costs is the overall decline in homeownership, which hit a peak of 66% in 2000. That, in turn, has led to more Americans turning to rentals, ultimately pushing up the amount landlords can charge. The problem is exacerbated by a shortage of construction workers, which makes it difficult for developers to boost the supply of available housing.

The coronavirus pandemic threw rental properties for a proverbial loop. The Census Bureau in April 2020 launched a Household Pulse Survey providing weekly updates on how individuals and families have been affected during the pandemic. Data show ongoing difficulties in finding work, affording food, and paying the rent. Meanwhile, the pandemic has created a “seesaw effect” on rent, with rental rates in the most expensive U.S. cities dropping while rental rates have gone up in historically less expensive areas.

Stacker compiled a list of zip codes with the fastest growing rent in Minneapolis using data from Zillow. Zip codes are ranked by the change in Zillow Observed Rent Index for all homes and apartments over the last year as of January 2021. Listings and images are from realtor.com.

#30. 55403 (Minneapolis)

- 1 year rent change: -8.1%
- 5 year rent change: +1.2%
- Typical rent: $1,357
--- 13.6% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 311 Kenwood Pkwy, Minneapolis 55403 ($1,495)

#29. 55404 (Minneapolis)

- 1 year rent change: -3.5%
- 5 year rent change: +4.0%
- Typical rent: $1,503
--- 4.3% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 305 W Franklin Ave, Minneapolis 55404 ($895)

#28. 55408 (Minneapolis)

- 1 year rent change: -3.1%
- 5 year rent change: +11.7%
- Typical rent: $1,482
--- 5.6% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 1419 W 27th St, Minneapolis 55408 ($925)

#27. 55129 (Saint Paul)

- 1 year rent change: -1.5%
- 5 year rent change: +11.8%
- Typical rent: $1,844
--- 17.5% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 455 Karen Dr, Woodbury 55129 ($2,650)

#26. 55416 (Minneapolis)

- 1 year rent change: -1.3%
- 5 year rent change: +10.7%
- Typical rent: $1,652
--- 5.2% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 4015 Highway 25, Saint Louis Park 55416 ($2,396)

#25. 55432 (Minneapolis)

- 1 year rent change: -1.3%
- 5 year rent change: +15.6%
- Typical rent: $1,264
--- 19.5% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 5750 E River Rd, Fridley 55432 ($1,250)

#24. 55391 (Wayzata)

- 1 year rent change: -1.0%
- 5 year rent change: +6.2%
- Typical rent: $1,723
--- 9.7% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 412 Wayzata Blvd E, Wayzata 55391 ($1,150)

#23. 55423 (Minneapolis)

- 1 year rent change: -0.6%
- 5 year rent change: +18.4%
- Typical rent: $1,278
--- 18.6% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 7601-7611 Knox Ave S, Richfield 55423 ($1,305)

#22. 55105 (Saint Paul)

- 1 year rent change: -0.6%
- 5 year rent change: +18.7%
- Typical rent: $1,475
--- 6.1% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 1729 Grand Ave, Saint Paul 55105 ($1,075)

#21. 55412 (Minneapolis)

- 1 year rent change: +0.1%
- 5 year rent change: +16.8%
- Typical rent: $1,506
--- 4.1% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 4045 Colfax Ave N, Minneapolis 55412 ($850)

#20. 55378 (Savage)

- 1 year rent change: +0.2%
- 5 year rent change: +13.2%
- Typical rent: $1,635
--- 4.1% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 4393-1739 W 140th St, Savage 55378 ($2,445)

#19. 55104 (Saint Paul)

- 1 year rent change: +1.1%
- 5 year rent change: +20.3%
- Typical rent: $1,566
--- 0.3% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 2056 Iglehart Ave, Saint Paul 55104 ($975)

#18. 55369 (Osseo)

- 1 year rent change: +2.1%
- 5 year rent change: +19.0%
- Typical rent: $1,653
--- 5.3% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 14151 Territorial Rd, Maple Grove 55369 ($2,355)

#17. 55124 (Saint Paul)

- 1 year rent change: +2.2%
- 5 year rent change: +16.3%
- Typical rent: $1,695
--- 8.0% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 15430 Founders Ln, Apple Valley 55124 ($2,338)

#16. 55421 (Minneapolis)

- 1 year rent change: +2.6%
- 5 year rent change: +29.2%
- Typical rent: $1,270
--- 19.1% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 2808 Silver Ln NE, Saint Anthony 55421 ($1,295)

#15. 55337 (Burnsville)

- 1 year rent change: +2.8%
- 5 year rent change: +22.5%
- Typical rent: $1,376
--- 12.4% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 12901 County Road 5, Burnsville 55337 ($1,500)

#14. 55122 (Saint Paul)

- 1 year rent change: +2.9%
- 5 year rent change: +23.1%
- Typical rent: $1,439
--- 8.3% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 3515 Federal Dr, Eagan 55122 ($1,548)

#13. 55117 (Saint Paul)

- 1 year rent change: +3.1%
- 5 year rent change: +25.2%
- Typical rent: $1,356
--- 13.6% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 165 County Road B2 E, Little Canada 55117 ($1,215)

#12. 55418 (Minneapolis)

- 1 year rent change: +3.4%
- 5 year rent change: +29.0%
- Typical rent: $1,443
--- 8.1% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 2201 Jefferson St NE, Minneapolis 55418 ($1,875)

#11. 55422 (Minneapolis)

- 1 year rent change: +3.7%
- 5 year rent change: +28.0%
- Typical rent: $1,490
--- 5.1% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 3829 W Broadway Ave, Robbinsdale 55422 ($900)

#10. 55379 (Shakopee)

- 1 year rent change: +3.7%
- 5 year rent change: +21.9%
- Typical rent: $1,665
--- 6.1% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 628 Gorman St, Shakopee 55379 ($1,100)

#9. 55419 (Minneapolis)

- 1 year rent change: +3.8%
- 5 year rent change: +16.0%
- Typical rent: $1,794
--- 14.3% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 33 Wentworth Ct E, Minneapolis 55419 ($1,559)

#8. 55311 (Maple Grove)

- 1 year rent change: +4.3%
- 5 year rent change: +20.6%
- Typical rent: $1,770
--- 12.7% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 9325 Garland Ave, Maple Grove 55311 ($1,780)

#7. 55406 (Minneapolis)

- 1 year rent change: +5.6%
- 5 year rent change: +29.6%
- Typical rent: $1,536
--- 2.2% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 4561 Minnehaha Ave, Minneapolis 55406 ($2,295)

#6. 55449 (Minneapolis)

- 1 year rent change: +5.6%
- 5 year rent change: +20.8%
- Typical rent: $1,891
--- 20.4% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 3195 124th Ave NE, Blaine 55449 ($1,855)

#5. 55318 (Chaska)

- 1 year rent change: +5.6%
- 5 year rent change: +20.7%
- Typical rent: $1,706
--- 8.7% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 110 E 1st St, Chaska 55318 ($1,485)

#4. 55125 (Saint Paul)

- 1 year rent change: +6.7%
- 5 year rent change: +23.6%
- Typical rent: $1,635
--- 4.1% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 7260 Guider Dr, Woodbury 55125 ($1,474)

#3. 55106 (Saint Paul)

- 1 year rent change: +6.7%
- 5 year rent change: +31.9%
- Typical rent: $1,236
--- 21.3% less than typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 1144 Barclay St, Saint Paul 55106 ($1,145)

#2. 55372 (Prior Lake)

- 1 year rent change: +7.7%
- 5 year rent change: +28.7%
- Typical rent: $1,730
--- 10.2% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 17088 Adelmann St SE, Prior Lake 55372 ($1,399)

#1. 55414 (Minneapolis)

- 1 year rent change: +14.4%
- 5 year rent change: +39.1%
- Typical rent: $1,998
--- 27.3% above typical rent in Minneapolis-St Paul, MN metro

- Pictured (for rent): 725 8th St SE, Minneapolis 55414 ($1,295)

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