Sell Your Commercial Property In Hennepin County, MN

Who rents in Hennepin County

Renters head 201,230 of the 539,493 occupied households in Hennepin County, a 37.3% share in the 2020-2024 ACS. Owners hold the remaining 338,263 households. Across the Minneapolis-St. Paul-Bloomington metro, renters make up only 29.3% of households, so Hennepin County skews more toward renting than its wider region.

Minneapolis anchors that renter base, with 100,754 renter households, 50.1% of the county total, and a 52.3% renter share citywide. St. Louis Park and Richfield follow, each above a third renters. Suburbs such as Maple Grove and Plymouth lean toward owners, with renter shares near one in four or lower. Brooklyn Center and Bloomington each post renter shares above a third as well, underscoring how widely renting varies by city inside Hennepin County.

Rents, growth and affordability

Hennepin County's median gross rent climbed 31.0%, from $1,135 to $1,487, between the 2015-2019 and 2020-2024 surveys. Median household income rose faster, up 24.9% to $97,653, while population grew 1.9% to 1,269,496 residents, adding 23,659 people.

Supply grew too. Units in 5+ unit buildings in Hennepin County rose 13.8%, an increase of 23,470 units. That pace helps explain a 5.9% rental vacancy rate, tight next to many large counties. In the 2020-2024 ACS, 47.6% of Hennepin County renters paid 30% or more of income on gross rent. HUD's FY2027 two-bedroom Fair Market Rent for the Minneapolis-St. Paul-Bloomington area is $1,734, effective October 1, 2026, a full $247 above the county's median gross rent. The median Hennepin County home was built in 1973, an older stock than much of the fast-growing suburban ring, which shapes renovation and capital-expenditure planning for buyers.

City-by-city comparison

Minneapolis dominates the apartment stock, holding 47.7% of Hennepin County's units in 5+ unit buildings. Edina and St. Louis Park post the next-highest building density among the covered cities, both above 39%.

Vacancy varies sharply, from 2.4% in Maple Grove to 6.8% in Edina. Rent ranges from $1,325 in Brooklyn Park to $1,868 in Maple Grove. Minneapolis pairs a 52.3% renter share with $1,371 median rent, below the county figure.

Property taxes and assessment in Hennepin County

Minnesota taxes rental apartment buildings of four or more units in Class 4a, at 1.25% of estimated market value, under Minnesota Statutes Section 273.13, subd. 25. Hennepin County assesses property at market value as of January 2 each year under Section 273.11, with no sale-triggered reassessment or cap.

Local rates stack on top of that classification. Hennepin County's 2026 payable rate card puts Minneapolis' total net-tax-capacity rate between 138.270% and 140.407%, depending on school and watershed district, plus a 0.14399% market-value referendum rate. Bloomington runs lower, at 47.124%. A deed transfer in Hennepin County carries Minnesota's 0.33% deed tax plus a 0.01% Environmental Response Fund tax, for 0.34% combined, or $6,800 on a $2 million sale.

What this means if you sell in Hennepin County

When you sell commercial property in Hennepin County, MN, you sell into a deep renter pool. Renters hold 37.3% of households, and 33.9% of units sit in 5+ unit buildings. The 5.9% rental vacancy rate works in sellers' favor, since Hennepin County runs tighter than many comparable markets. Expect buyers to test your rent roll against that occupancy baseline.

Minneapolis adds a wrinkle: a 2021 charter amendment lets its city council consider rent regulation, though no ordinance is in place today. Taxes come next, since buyers underwrite Hennepin County's Class 4a rate and the local levy stack, not just your current tax bill.

As a multifamily buyer in Hennepin County, we review 5+ unit buildings from Minneapolis to Maple Grove as they stand today. Send a current rent roll, a T-12 and the latest tax statement, and we will price the building on those numbers.