Mpls. Rental Market as Bad as the Rest of the Twin Cities’ Housing Woes
If you own a home, you know it’s been a particularly tough year for Twin Cities housing prices so far. The metro saw a serious drop of 10% from last year in home values in the first quarter of 2011, putting the Twin Cities at the top of the “worst performers” list at a time when having the lowest housing prices is saying something — American’s home equity is at its lowest point since World War II. Now Forbes Magazine has some more bad news for property owners and tenants: The Magazine lists the Minneapolis in the top 10 worst markets for renters, too. The report cites a number of factors, including the low vacancy rate of 3.2%, an average rent of nearly $900, and the fact that on average its $60 cheaper per month to rent in Minneapolis than it is to own a home.