Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
2y
@Andrea Mugisha Only St Paul has rent control as of now. The ballot initiative allows Minneapolis to institute it has not been approved yet. It did not pass the last city council vote in August of 2023, and will likely be taken up again this year. If it passes it must be signed by the Mayor who opposes rent control and if veto'd the city council would need to override the veto. If that happens there is an implementation period.
That's a long-winded way of saying. Minneapolis does not have rent control today. It likely will at some point, but you have time.
Investor · Minneapolis, MN · Member since 2014 · 743 posts · 927 votes
2y
I would add that even though MPLS doesn't have rent control, it has tenant rights ordinances and if you buy an investment property and raise the rent on a current tenant within the first 90 days of ownership, you "may" have to pay them relocation costs due to the increase in rent so be careful to understand MPLS statutes. Feel free to reach out if you have questions