Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Twin Cities apartment dwellers paying more rent than last year

Posted by: Jim Buchta under Buying Updated: November 4, 2013 - 3:09 PM

Though thousands of new apartments have hit the market in the Twin Cities over the past year, apartment dwellers are paying more rent - the average rent price rose 3.5 percent ot $984, according to a third-quarter report from Marquette Advisors. The apartment vacancy rate across the metro fell ever so slightly to 2.5 percent from 2.7 percent last year, marking the 10th consecutive quarter of sub-3.0 percent vacancies for the Twin Cities metro. A full 44 out of 54 submarkets reported vacancy rates of 3.0 percent or lower during the quarter.

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