MINNEAPOLIS (WCCO) – Rent prices around the country are spiking, but renters in the Twin Cities saw a slight drop last month, according to a new report by the real estate website Zillow.

The report says the median monthly cost of rent in the Twin Cities fell to $1,502 in January, or about 0.3 percent lower than a year ago.

The Twin Cities metro is one of only two metropolitan areas in the country where prices are falling, the other of which is Chicago.

Since 2000, the report says rents have grown roughly twice as fast as wages nationwide. In Minneapolis, prices peaked last March at around $1,520.

The CEO of Renter’s Warehouse told WCCO he believes rents could stay low for another couple of years, and that he expects more new buildings going up for the next 12 to 18 months.

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