Apartment demand continues to outpace construction
- Blog Post by: Jim Buchta
- November 2, 2012 - 1:07 PM
They're renting them as fast as they can build them. That's the take-away from the latest Marquette Advisors report, which shows that the average vacancy rate in the Twin Cities metro stood at 2.7 percent, up only slightly from 2.3 percent last year. That's despite the absorption of more than 1,000 units during the quarter. Low vacancies mean higher rents. The average rent price in the metro was $951, up 2.8 percent from last year.
With more than 14,000 units planned for the metro, how long will vacancy rates remain so low? I'm trying to find an answer to that question - check out my story in the Saturday paper.
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