St. Paul Rent Report: June 2024

Welcome to the Apartment List June 2024 Rent Report for St. Paul, MN. Currently, the overall median rent in the city stands at $1,337, roughly the same as last month. Prices and are now up 2.1% year-over-year. Read on to learn more about what’s been happening in the St. Paul rental market and how it compares to trends throughout the broader Minneapolis metro area and the nation as a whole.

St. Paul rents are flat month-over-month and up 2.1% year-over-year

The median rent in St. Paul rose by 0.2% over the course of May, and has now increased by a total of 2.1% over the past 12 months. St. Paul’s rent growth over the past year has is similar to the state average (1.9%) and has outpaced the national average (-0.8%).

St. Paul rent growth in 2024 pacing above last year

Five months into the year, rents in St. Paul have risen 3.3%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 1.5%.

May rent growth in St. Paul ranked #75 among large U.S. cities

St. Paul rents went up 0.2% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #75. Similar monthly rent growth took place in San Antonio, TX (0.2%) and Durham, NC (0.2%).

St. Paul is the #66 most expensive large city in the U.S., with a median rent of $1,337

Citywide, the median rent currently stands at $1,209 for a 1-bedroom apartment and $1,467 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,337. That ranks #66 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom, and $1,404 overall. The median rent in St. Paul is 4.8% lower than the national, and is similar to the prices you would find in Arlington, TX ($1,346) and Reno, NV ($1,327).

St. Paul rents are 9.2% lower than the metro-wide median

If we expand our view to the wider Minneapolis metro area, the median rent is $1,472 meaning that the median price in St. Paul ($1,337) is 9.2% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.0%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 17 cities in the Minneapolis metro area that are included in our database. Among them, Eden Prairie is currently the most expensive, with a median rent of $1,905. Brooklyn Park is the metro’s most affordable city, with a median rent of $1,285. The metro's fastest annual rent growth is occurring in Richfield (6.2%) while the slowest is in Shakopee (-3.1%).

You can also use the map below to explore the latest rent trends in the Minneapolis metropolitan area.