Despite the construction of thousands of new apartments in the Twin Cities metro, rents have risen at the fastest rate in a dozen years. That's according to a 2nd-quarter "2x4 Report" from the Minnesota Housing Partnership, which shows that rents have increased 8.5 percent in the last three years, and now average $979 per month.
Here's a link to a story that I wrote last month about the overall state of the metro-area rental market, including detailed vacancy and rent prices.
I'll be covering this topic in the coming days, and would love to hear about your experience in the rental market. Are you a renter who has had to move, or make other adjustments, because your rent has gone up? Or did you find that rents were so high, you decided to buy instead? Send an email to email@example.com.
- Jim Buchta, residential real estate reporter.