The national median rent was $1,353 in January, down 0.2% month-over-month and 1.4% year-over-year, marking the sixth consecutive month of rent declines, according to Apartment List’s National Rent Report. The national multifamily vacancy rate was 7.3% at last measure, with units taking an average of 41 days to lease after being listed, four days longer than the same period a year ago.
In the Twin Cities region, for the week ending February 14:
- New Listings increased 10.3% to 1,201
- Pending Sales decreased 6.4% to 674
- Inventory increased 1.4% to 7,650
For the month of January:
- Median Sales Price increased 1.4% to $375,000
- Days on Market decreased 3.0% to 64
- Percent of Original List Price Received decreased 0.1% to 96.8%
- Months Supply of Homes For Sale remained flat at 2.0