Finding an apartment in the Twin Cities metro area is going to be more challenging — and expensive — than it’s been in a half decade. The overall vacancy rate in the Twin Cities metro area during the first quarter fell to 3.1 percent, its lowest level in five years , according to GVA Marquette Advisors.
Rent prices remained fairly stable, but are expected to rise in the coming months as demand exceeds supply, giving landlords the opportunity to raise rents. A year ago the average vacancy rate was six percent.
Are you finding rentals in short supply? Is your landlord raising the rent?