Rental prices continue to rise - KMSP-TV

Rental prices continue to rise

Posted: Updated:

You would expect rent to be high in the city, but for a lot of people it’s breaking the bank. While rent is especially high in the luxury rental market such as the space on Nicollet Mall scheduled to open for rent in a few months. Studio apartments are going for $1,400 a month and a penthouse will go for $9,000. Those are luxury apartments and while there are no shortage of those types of units, there is also growing concern when it comes to affordable housing in the Twin Cities.

“There’s many, many more people out there who have low incomes while rents are creeping up and up,” said Chip Halbach, Director of the Minnesota Housing Partnership.

Developers are catering to families moving into the city, and baby boomers thinking of downsizing. Minneapolis research firm Marquette Advisors says the average apartment rent in the Twin Cities is now $1,000 per month, up 3.5 percent from last year. And with the supply of units across the metro still considered below what’s considered healthy levels, rental prices could keep going up in some areas. With basic supply and demand economics in play, lower vacancy rates will continue to benefit landlords.

The Marquette Advisors report shows more apartment rentals should be hitting the market in the next few months, but the issue continues to be affordability.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Photographer Chronicles Dog's Last Days on Earth

    Photographer Chronicles Dog's Last Days on Earth

    Friday, July 18 2014 5:00 PM EDT2014-07-18 21:00:24 GMT
    The story of a dog’s last days has rapidly spread across the internet, touching the hearts of readers all around the world.
    The story of a dog’s last days has rapidly spread across the internet, touching the hearts of readers all around the world.
  • Monticello doctor killed in crash with motorcycle, golf cart

    Monticello doctor killed in crash with motorcycle, golf cart

    Monday, July 21 2014 11:12 AM EDT2014-07-21 15:12:54 GMT
    He brought hundreds of lives into the world, but the community of Monticello is now mourning the death of a popular doctor who died in a bizarre accident over the weekend.
    He brought hundreds of lives into the world, but the community of Monticello is now mourning the death of a popular doctor who died in a bizarre accident over the weekend.
  • BEWARE: It's Mayfly season in Minnesota

    BEWARE: It's Mayfly season in Minnesota

    Thursday, June 12 2014 12:34 PM EDT2014-06-12 16:34:15 GMT
    The mosquitoes are slowly returning to Minnesota as water temperatures return to warmer levels where their larva can hatch, but the pesky biting bug isn’t the only one coming back. Mayflies have been rumored to be starting to hatch.
    The mosquitoes are slowly returning to Minnesota as water temperatures return to warmer levels where their larva can hatch, but the pesky biting bug isn’t the only one coming back. Mayflies have been rumored to be starting to hatch.
Widgets Magazine
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices