The Twin Cities multifamily housing market is at a pivotal moment. Demand remains strong, but economic volatility, rising construction costs and tighter lending standards are reshaping how developers and lenders approach new projects. With fundamentals still pointing toward long-term growth, the challenge now lies in balancing opportunity with risk.
Demand stays strong, driven by affordability gaps
Despite a wave of new supply in 2022 and 2023, most Twin Cities submarkets have returned to rent…