Mpls. Rental Market as Bad as the Rest of the Twin Cities’ Housing Woes

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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.


2 thoughts on “Mpls. Rental Market as Bad as the Rest of the Twin Cities’ Housing Woes

  1. ryan l

    It’s bad if your a renter but good if your a landlord.
    Also the reason for both of these statistics is Minnesota’s abnormally high owner occupied rates.  More people bought into the “american dream” that was being sold and now they are forced to sleep in the bed they made.
    High ownership rates translated to lower supply of rentals and higher prices.

  2. ryan l

    Also I feel like my home is pretty average – @wellsfargo if your listening could you please alter my mortgage to reflect this $949 amount…okay thx.

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