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>>

  • IN CUSTODY: Officer shooting suspect Brian George Fitch Sr.

    IN CUSTODY: Officer shooting suspect Brian George Fitch Sr.

    Wednesday, July 30 2014 10:07 PM EDT2014-07-31 02:07:28 GMT
    Fox 9 News is learning more about the suspect wanted in connection with the fatal shooting of Mendota Heights Police Officer Scott Patrick, 47, during a traffic stop, and it turns out he was already a wanted man when that traffic stop began.

    Fox 9 News is learning more about the suspect wanted in connection with the fatal shooting of Mendota Heights Police Officer Scott Patrick, 47, during a traffic stop, and it turns out he was already a wanted man when that traffic stop began.
  • SWAT team arrests suspected cop killer in St. Paul

    SWAT team arrests suspected cop killer in St. Paul

    Wednesday, July 30 2014 10:42 PM EDT2014-07-31 02:42:24 GMT
    On Wednesday night, dozens of officers -- including a SWAT team -- descended on Sycamore and Rice streets in St. Paul after a suspected cop killer apparently opened fire on officers and was shot multiple times.
    On Wednesday night, dozens of officers -- including a SWAT team -- descended on Sycamore and Rice streets in St. Paul after a suspected cop killer apparently opened fire on officers after escaping a neighborhood near the intersection of Baker and Livingston, where the car used in the crime was found.
  • Mendota Heights police officer shot in West St. Paul; suspect shot

    Mendota Heights police officer shot in West St. Paul; suspect shot

    Thursday, July 31 2014 12:36 AM EDT2014-07-31 04:36:05 GMT

    A Mendota Heights police officer was shot and killed Wednesday afternoon during a traffic stop near Dodd Road and Smith Avenue in West St. Paul, Fox 9 sources confirmed. Police arrested the suspect later Wednesday night.


    A Mendota Heights police officer was shot and killed Wednesday afternoon during a traffic stop near Dodd Road and Smith Avenue in West St. Paul, Fox 9 sources confirmed. Police arrested the suspect later Wednesday night.


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