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Jobs, economy improving in the Twin Cities, experts say.
Just because jobs were added doesn't mean they are jobs where people can afford 4 digit rents. All these new apartment buildings that are going up all seem to be luxury apts. How about some nice affordable ones?
As newer, fancier apartments are constructed, existing apartment stock will come down in rent. Rents are all relative. There are also ways to improve your education/career so you can afford higher rent.
At these rent prices these poor kids will never be able to save for a home. Maybe that's the plan; keep them indentured.
I've never seen an official count of how many apartments exist in Minnesota, but I estimate there are OVER 300,000 rental units in Minnesota. Adding even 10,000 new units is just a 3.3% increase -- it will have little affect on the broader market. The building is primarily focused on uptown, SE Mpls, Downtown Mpls, St. Louis Park and that is because it remains very desirable locations. I expect even those markets to thrive.
Great comment usrnme. The cost to build new housing makes it unfeasible to support rental rates below $2.00/sq foot. So, the only NEW affordable housing is government subsidized. The good news is that 10s of thousands of 1960s built rental housing is spread across the twin cities and still rents for about $1.00/sq foot or about $700 for a 1 bedroom apartment. So you get to choose between affordable versus new and amenity rich.
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