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Continued: Booming market drives up rents and squeezes out renters

  • Article by: JIM BUCHTA , Star Tribune
  • Last update: September 29, 2013 - 9:51 AM

 

Jim Buchta • 612-673-7376

 

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  • Hans Early-Nelson checked out the garage space at Jackson Flats.

  • Greg Foley, asset manager, talked with Hans Early-Nelson and his girlfriend, Liz Parent, after they toured their new apartment building, Jackson Flats, in Minneapolis. The new 35-unit building provides live/work space for artists.

  • Left:  Rents at Jackson Flats in northeast Minneapolis are below the market rate. That isn’t the case at new upscale units built across the metro area.

  • twin cities rentals

    Average rent $979

    Average vacancy rate 2.3%

    Vacancy rate for apartments that rent for less than $1,000 2%

    Increase in families seeking shelter 17%

    Source: Minnesota Housing Partnership

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