Apartment popularity rises in Twins Cities, along with rents

MINNEAPOLIS (AP) - The cost of renting an apartment in the Minneapolis area continues to rise, even after a year of massive construction.

The Star Tribune reports that a report from a company that tracks new and existing market-rate apartment buildings across the metro area shows a vacancy rate of 3.5 percent. That comes after more than 4,800 apartments hit the market in 2018, the most in a decade.

Marquette Advisors Vice President Brian Wittenberg says a vibrant local economy is drawing employees from other areas, including many residents new to the city who are choosing the flexibility of a rental apartment over homeownership.

Wittenberg’s company says that last year there were seven jobs added for every new apartment.

The average rent at the end of the year was $1,219.

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Information from: Star Tribune, http://www.startribune.com