Renters paying more, looking harder for apartments

Author:
Updated:
Original:

Thousands of new apartments have become available in the metro area in the past year, but they're filling up as fast as they go online and renters are paying more for them.

The Star Tribune cites a report from Marquette Advisors that finds the average rent stands at $984, a jump of 3.5 percent. Meanwhile, the apartment vacancy rate fell to a tight 2.5 percent, down slightly from 2.7 percent at this same time last year.

The Pioneer Press reported the surge in rents is a lingering result of the housing crisis. When banks foreclosed on thousands of homes, those residents were shoved into the rental market, and the flood of new renters forced vacancy rates down. The Pioneer Press also found the tight market is particularly troublesome for lower-income renters. The Minnesota Housing Partnership finds they face the biggest rent increases in 12 years.

Meanwhile, Finance & Commerce reports that Minnesota’s first affordable rental project pitched to gay, lesbian, bisexual and transgender seniors is fully occupied. Spirit On Lake Apartments in South Minneapolis opened two months ago. The 46 unit building has 29 one-bedroom units and 17 two-bedrooms. Five of the units are reserved for people who have been homeless.

Anyone can live at Spirit on Lake, but it has been marketed to GLBT people and it's estimated that about 80 percent of occupants are GLBT. It's thought to be the second such development in the country.

Next Up

Gary Kubiak

Vikings offensive coordinator Gary Kubiak announces retirement

Kubiak wraps up a career that has spanned nearly four decades.

alphaMPD

Minneapolis police seeks public help finding missing woman

A 63-year-old woman has been missing since Tuesday

coronavirus testing

Don't want to talk to a contact tracer? MN debuts online option after positive test

The department says the survey will allow its staff to keep track of more cases at a faster pace

Family Dollar

Money Gal Coaching: 12 things you are wasting your money on

Kelly Blodgett started Money Gal Coaching after paying down nearly $50K in debt in 18 months.

police lights

Three teens charged in Minneapolis robberies

The incidents took place on Saturday in Minneapolis.

covid-19, coronavirus, ppe

Here is Minnesota's COVID-19 update for Thursday, January 21

It's the first time in exactly four months that Minnesota has had fewer than 100 COVID patients in intensive care.

icy roads, bad roads

Girl, 16, killed in crash with semi on icy Minnesota road

The crash happened in Dodge County around 8 a.m. Wednesday.

police lights

Road rage incident sees driver punch out man's window, punch him in face

The incident happened in Waite Park Wednesday morning.

Screen Shot 2019-10-11 at 7.01.24 AM

Minneapolis will recover $100K in costs connected to 2019 Trump rally

The Target Center operator said it'll pay the costs over three years.

Jacob Frey

Minneapolis Mayor Jacob Frey confirms run for reelection

He has faced criticism over the city's response to George Floyd's death.

Related