Rental demand in Twin Cities stays high

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: November 2, 2012 - 10:54 PM

As more new units come online, the Twin Cities rental housing market isn't seeing a sharp rise in vacancies.

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jeffportNov. 3, 12 4:45 AM

For all the soon to be negative comments about renters: Maybe some of us rent by choice, maybe some of us do not want to do yard-work, gutter cleaning, house repairs (these can be expensive by the way). Maybe some us can put that extra $500-$1,000/month into our retirement plans at work. Maybe some of us do not want to pay for property taxes every 6 months. And yes, I know that some smart guy will tell me that when you rent you still pay those as part of the rent, well great! It's one thing I do not have to worry about! For myself, it is way more convenient to hand over a rent check each month and it's all covered and I'm not responsible for repairs. I just need to change a light bulb every so often. Owning a house is not for everyone. Condos are a big waste of money and will drain you for life! "Association fee's upwards of $300-500/month!! for what?? Mow the grass, clean a pool if there were one, raise the fee's at your discretion. The fee's are a scam that will never end people. You will NEVER own a house or condo. Property taxes & Fee's never go away. I on the other hand can also up and move on a moments notice if needed. Bottom line is this: Owning a home is not for everyone, don't judge us negatively for a decision we choose.

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refurnishNov. 3, 12 9:34 AM

"Association fee's upwards of $300-500/month!! for what?? Jeffport should do his research. Monthly condo fees go for trash removal, hot water, lawn & bldg. maintenance, bldg. insurance, mgmt. fees, cleaning, heating & cooling in public areas & parking garage, all required city licensing, snow removal, pest control, amongst other items.

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cannotskipforwardNov. 3, 1210:02 AM

Plus a renter cannot get up and move on a moments notice if needed because you do have a rental agreement (usually one year). Pluses to renting and owning. I like owning and enjoying my little kingdom (with property taxes and all).

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jeffportNov. 3, 1210:39 AM

@ refurnish - I have!!! It isn't worth it!!! That's an added $3,000++/yr that will never, I repeat never go away and it can & will increase. "Management fees" what exactly is that?? In an apt, that's part of the rent you pay! Trash removal, they have a garbage truck that takes it out, again, part of the rent. Pest control, that's part of the rent! Orkin comes every year, snow removal, again part of the rent, all water utilities, again part of the rent, I have 3- washers & dryers 45' from my door.. Gee it's sounding better and better to not own a condo. hhmm... @ cannotskipforward - Go sell your condo before I can move to Seattle to take that new job. I can leave my apartment long before you sell that condo. Again, home ownership is not for everyone, renting is not for everyone. Just know and don't judge a person for picking one over the other. To each their own. Different strokes for for different folks.

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awahl7Nov. 3, 1212:09 PM

Interesting tangent to the choice of renting/buying involves the mortgage interest deduction. Renters subsidize home-buyers. Home-buyers (with a mortgage) can deduct mortgage interest from their taxes. Renters cannot. Renters therefore pay more taxes (all else equal), subsidizing home-buyers with outstanding mortgages on first or second homes up to $1,000,000. (http://www.irs.gov/publications/p936/ar02.html)

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dr4golfNov. 3, 12 6:32 PM

my wife and I sold our home about 6 months ago. Kids gone, we wanted to get out from underneath all the maintenance and property taxes. Currently renting a beautiful townhome on a wetland. No lawncare, no maintenance, call someone when its broke. It has given us so much freedom and reduced our expenses so much, it has been fabulous. The only downside is the weird behaviour of the Assocation because we are renters. Feels like we are being scrutinized, targeted, watched for any little mistake. Some people just don't have enough to do apparently. We had similiar issues with nutso neighbors when we owned so I guess they are everywhere.

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