Rental prices continue to rise - KMSP-TV

Rental prices continue to rise

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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.

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