Apartment

The apartment summary provides details about the rental market including vacancy rates,
 property value and future developments. 

Market Summary

The Ramsey County apartment market, similar to the greater Twin Cities, began to experience changing dynamics in 2023. Elevated interest rates have led to an overall reduction in both sales volumes and ultimate sale prices. Despite several years of new apartment projects coming online, demand for new units continues to be strong. This is reflected in vacancy rates holding steady, and even decreasing in many areas. Because of a considerable slow-down in new construction both metro-wide and in Ramsey County, demand for existing apartment units is expected to stay strong.

Development

New apartment development continues to occur throughout Ramsey County. In Saint Paul, various projects are in various stages of completion, including Esox House and Harbourline apartments near Harriet Island, and the 304-unit Lexington Station, near the intersection of Lexington and University. In the suburbs, projects underway include the Villas of Mounds View and affordable senior living in Lauderdale at the newly open Fern Senior Living.

Downtown Saint Paul

Since late 2022, the vacancy rate has dropped from 7.5% to 5.8% and rental rates are down 1.3% over the same period. Several downtown properties are being converted to apartment use from office, including Landmark Towers, the Gallery Professional Building, and the Hamm Building.

Highland Bridge Site

Progress continues with planned multi-housing projects at Highland Bridge. The second affordable housing project is under construction, Project for Pride in Living-Nellie Francis and Restoring Waters. Nonprofit, mission based Presbyterian Homes is under construction with a second phase of Marvella, including 125 units of 55+ housing.

Estimated Market Value Totals

Estimated market value percent changes from 2023 to 2024 assessments.

Median Estimated Market Value



Visit the property value and assessment page for more information.