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Minneapolis – St. Paul Affordable Multifamily Report

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Regional Market Report | Fall 2021

Across the country, urban areas of all sizes are struggling to provide enough new affordable rental housing to meet persistent pent-up demand and continuing year-over-year household growth. Funding and production systems evolve but never quite reach a sustained level that gets ahead of demand. The situation in the Twin Cities is no different, although significant advances in local and state funding and broader acceptance of the widespread need have helped turn the tide in recent years.

Signaling a positive trend for the future, production of all types of affordable rental housing (at or below 60% AMI rents) in the Twin Cities is expected to hit 2,274 units in 2021, just below the peak production of 2,334 units in 2019. This year’s total marks the third year in a row above 2,100 units delivered, with the three-year average hitting 2,268 new units per year. This latest level marks a 70% increase from the previous plateau of 1,334 new units average per year from 2015 through 2018, and a spectacular 277% increase over the 693-unit delivery average from 2010-2014. Clearly, the funding and production systems have gained much-needed steam moving into the current decade.

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Minneapolis – St. Paul Affordable Multifamily Report

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