Apartments snapped up as fast as they're built

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: February 6, 2013 - 12:03 PM

Demographic and economic changes are driving explosive growth in metro rental market.

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  • Comments

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dtmonkeyboyFeb. 2, 1310:41 PM

Many apartment buildings were converted to condos during the condo boom...so not a surprise apartments are needed even if some renters eventually decide to become buyers.

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gemie1Feb. 3, 1312:22 AM

Please do not over build.

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mrprogressiveFeb. 3, 13 2:33 AM

Knowing that tons of people are flocking here, what are we doing about the congestion? Driving in Uptown today was a nightmare.

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chuckdancerFeb. 3, 13 7:16 AM

..."Best yet, Chelsea Walker said, they're only obligated by a yearlong lease."...***** ******************************************* The key point. You're only stuck for a short time if you made a mistake.

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huggybear28Feb. 3, 13 7:58 AM

We lived in NE Wisconsin for awhile. Came back a little over a year ago and wanted to rent for a year before buying. Rent for our 750 sq ft apartment was $500 a month with utilities and an attached garage included in Wisconsin. We were in shock to see the rents in metro after getting use to these low rates. The amount they charge for an apartment makes buying more worth it in the metro area since it is basically a mortgage payment. Between the current interest rates and our desire to stay awhile, home ownership was the way for us.

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mn2niceFeb. 3, 13 8:35 AM

Was is intresting to me is there is no mention of any affordable housing being built for people who can't pay $1,500/monmth for an apartment. The public housing inventory is old and falling apart. What is being done about that.

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dpcoleFeb. 3, 13 8:53 AM

@gemie1, Since profit is not based on common sense...

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CocoLotionFeb. 3, 13 8:58 AM

it's great that people with big incomes can live downtown and spend their discretionary income, but what about the average worker downtown who wants to live close and walk to work - the receptionists, the secretaries, the copy people, the wait staff..all the new 'luxury' apartments are out of their reach.

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oct98811Feb. 3, 13 9:02 AM

The housing market is still overpriced in the Twin Cities. 1500-2000 square ft. homes that go for $125k-$200k outside of the metro area go for $250k-$500k in the metro area. Working and middle class individuals can't afford new homes.

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hermajestyFeb. 3, 13 9:29 AM

Any city that people WANT TO live in is going to have high rents, and in Minneapolis, we have the added landlord's expense of including winter heating expenses in the rent, in most cases. If you go to some old Rust Belt city where all the jobs and businesses have left, you can rent an apartment for prices that we haven't seen for thirty years. This is the supply-and-demand system that promoters of capitalism are always talking about. If the demand outstrips the supply, as in the Twin Cities and other desirable locations, prices go up. If the supply outstrips the demand, as in the Rust Belt or other economically depressed area, prices go down.

But this system DOES leave a lot of people out in the cold. In some desirable cities, there are downtown luxury apartments for the affluent, downtown public housing for the poor, and nothing for middle class people who want to live close to their jobs. This is a real problem.

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