Rent Control May Be a Reality in Minneapolis

Rent control has already come to St. Paul, starting a war between tenants and landlords; now it’s landed in Minneapolis. How do landlords and tenants feel about it? The answer might surprise you.

Here’s Five Fast Facts about Minneapolis Rent Control:

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1. 🏠 Vote Yes - In 2021, voters approved a measure that gives the City Council the authority to come up with a specific rent control plan and put it up for a public vote.
2. ⚖️ Togetherness - As a result, the Council gathered together a working group of tenants and landlords. They came to an agreement in the form of a 3% cap on increasing rent prices. There is an exception for properties with fresh improvements.
3. 😠 Nope - A minority of landlords on the panel disagree, asking for a 5%-7% cap, with an inflation buffer thrown in. Landlords are gonna be landlords. 
4. 🗳️ To a Vote - The final recommendation goes to a public vote as early as Nov. 2023. 
5. ⛔ Not So Fast - The entire process could be stillborn, since Mayor Frey has already said he’ll veto it because we can’t have nice things. It should be noted that the veto can be overridden. 

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🔥Bottom line: When it comes down to it, being a landlord is running a business. Rent control can harm that business. However, high rental costs can put real people in different kinds of danger, both intended and unintended. Hopefully everyone involved will respect the voters’ decisions.

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How do you feel about rent control?

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