Metro rental market is booming

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: July 25, 2012 - 9:12 PM

Even though hundreds of new apartments have come online in the Twin Cities, they're still getting more expensive and harder to find.

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  • Comments

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FrankLJul. 25, 12 9:36 PM

Now we'll have the apartment bubble as people soon realize for what they are paying in rent, they can lock in a very low mortgage payment that won't go up for the next 30 years.

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nelsonerinJul. 25, 1210:12 PM

Everyone that can qualify for a mortgage should get one. Don't have to worry about buying more than you can afford, the banks wont let you now.

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eurotravelerJul. 25, 1210:34 PM

Not everyone wants to own a house. I've never wanted to, and never will. I like renting. No yard work, no shoveling, any time there's a problem, call the apartment management and they take care of it. Perfect.

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keaton12Jul. 25, 1210:42 PM

Eurotraveler has a good point. I spend a lot of my free time with yard work. I would rather do something else but I don't like being squashed next to someone. I would like an upscale rental unit which is hard to find.

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thom3747Jul. 25, 1211:56 PM

@ eurotravereler and keaton: nice middle ground is buying a condo. Pay it off and then you just have utilities and an association fee. No need for up keep or yard work then.

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pinky1933Jul. 26, 1212:44 AM

whoa?! if you can get a loan with these rates, for heaven's sake - buy! and if yard work is your concern, do the math: you can hire a "hungry" worker these days for half the usual association fee, to assist with most house work. i pay a guy who works night and/or weekends for $12/hr and all is covered - love it! why would anyone pay for someone else's retirement...makes no sense to me.

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jeffportJul. 26, 12 6:55 AM

Sorry FrankL - Not everyone who rents wants all the "Extra's" of owning a home. You know, property taxes for life which will never go away and can only go up, water bills, garbage, mowing, shall I go on. I have rented all but 120 days my life and it's so much more convenient to be able to not have to worry about those things in life. Just being able to up & walk-away in 60-90 days if I don't like the living situation is incredible. By building management corrects all my problems with 24 hours. No fuss, no muss. Maybe you need to ask all the people that are still underwater about trying to get out from it. Your have to fix EVERYTHING that goes wrong in your house must be a wonderful feeling. Tell me when the furnace breaks in January and you have to fork over $2,000. Did you add all those costs to your plans?? FYI, If you make it 28 years and you've almost got it paid off and you crook, what does that get you again?

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uno1950Jul. 26, 12 6:59 AM

Woah is right. At the rates quoted in the article, the rent on a 1000sf apartment in Mpls equals out to about the current mortgage payment on a $400,000+ home or condo. Oh, and to all those rental defenders, you might lose money on a purchase, but 100% of your rent is gone forever, guaranteed.

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jeffportJul. 26, 12 7:18 AM

FYI Frank, My rent is less than the stated average monthly rent. I have a 2Br, 950sqft apt, with an indoor pool 45ft down the hall one way and 3 washers /dryers the other way. Cub, Wal-Mart, Applebees etc etc all within 1,000 feet of my front door. I'll stay where I am Frank verses the 30 year chain around my neck $1400-$1700 a month for 30 years, property tax, house maintenance for life home issue. As soon as people realize that owning is not for everyone, we can get past the issue.

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joe_mnJul. 26, 12 7:18 AM

build apartments on the hundred of parking lots in downtown mpls. ok, maybe 1/2. we still need to park somewhere.

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