Matrix Multifamily Twin Cities Report-January 2024 January 29, 2024

Twin Cities Hold Steady

The Twin Cities largely maintained performance toward the end of 2023. T3 rents slowed just 10 basis points more than the national average, while occupancy remained flat. New construction was also similar to the previous year, although deliveries decreased by 14.7 percent from 2022’s decade high. Investment sales saw a much bigger slowdown, following two very strong years.