Real Estate Bookkeeping In Minnesota
Twin Cities multifamily dominates the state's managed inventory, with Rochester weighted by the medical corridor and Duluth by seasonal and student demand.
Locate the city nearest to you and select your software below to learn more. Don’t see your city? Schedule a meeting with us to learn more about how REA can help your property management accounting needs.
Minnesota at a glance
- Security deposit return
- 21 days
- Governing statute
- Minnesota Statute 504B
- Cities we publish
- Duluth · Minneapolis · Rochester
What Minnesota Law Changes About Your Books
Deposit Handling and Trust Requirements
Trust and deposit rules are set state by state, and they change the accounting itself, not just the paperwork around it. A deadline is a ledger requirement: you cannot return a deposit inside a statutory window if the ledger cannot say what is owed.
Security deposits
Minnesota statute 504B requires the deposit to be returned within 21 days of lease termination, with penalties for non-compliance and interest obligations in defined cases.
Trust and segregation
The interest obligation makes the deposit a growing liability, which has to be reflected in the ledger rather than trued up at move-out.
What we do about it
- Deposit liabilities tracked per tenant, so a 21 days deadline is answerable from the ledger
- Trust accounts reconciled three ways, including every beneficiary balance
- Deduction documentation recorded against the correct ledger, not filed separately
- Aging deposits flagged before the statutory window closes
Summary of statutory requirements provided for orientation. It is not legal advice, and local ordinances can impose stricter rules than the state minimum.
Cities We Cover in Minnesota
Market by Market
We work with property managers and investors across all of Minnesota, all 821 cities and towns of it. The markets below are the ones we publish Minnesota-specific detail for. If yours is not listed, the same team and the same Minnesota Statute 504B rules still apply.
Duluth
Duluth’s rental market is shaped by its position as a regional hub anchored by the University of Minnesota Duluth, a strong healthcare sector, and year-round lakefront tourism demand. Property managers here navigate a mix of student housing near UMD, workforce rentals, and seasonal properties along the Lake Superior shoreline.
Bookkeeping by platform
Minneapolis
Minneapolis property managers operate in one of the most regulated rental markets in the Midwest, where the city’s 3% annual rent stabilization ordinance adds a compliance layer that demands precise, well-documented accounting. From dense multifamily buildings in Uptown and Northeast to workforce housing near the University of Minnesota, portfolios here carry real financial and regulatory risk.
Bookkeeping by platform
Rochester
Rochester’s rental market is shaped by the sustained demand generated by Mayo Clinic, one of the world’s largest healthcare employers, which draws physicians, researchers, and traveling medical staff who rely heavily on professionally managed rental housing. The market spans a mix of multifamily apartments, single-family rentals, and extended-stay properties serving both long-term residents and temporary assignment workers.
Bookkeeping by platform
Select Your Software
We Work Inside Your Platform, From Anywhere in Minnesota
Services Available in This State
Every back-office function below is available on its own or as part of a full monthly close, anywhere in the state.
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
Day-to-day financial operations
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
Onboarding and responsiveness
Real Estate Accounting truly is a special company. They helped as if they were a part of our company, with the concern and caution as an employee would have, but even more. They quickly ascertained our needs and developed an effective team to help with our accounting needs. They were extremely responsive and always accurate. I would recommend their services to anyone who needs help with their property management accounting.
Smaller portfolio, still looked after
Adam the owner took a personal interest in my situation and was willing to work with me to see if his company was a good fit. I may be too small for them but I would highly recommend them to anyone considering a bookkeeper for their property management business.
230+
Property Accountants
30M+
Commercial Sq. Ft.
Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for Minnesota Portfolios
Schedule a call and we will walk your Minnesota deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.