That’s not exactly the headline you want to read as a renter. However if you’ve rented in Minneapolis/St. Paul for any period of time you already know that rent is sky high. Unfortunately that expensive rent has and is going up. Across the entire Twin Cities rent is up 3.5% from last year putting the number over $1,000 on average for the first time in history. If you’re living downtown that number jumped even more; up 9.1% from last year.
Think maybe all those new buildings you see going up in and around both downtowns will help keep the prices down? Not true according to the Star Tribune.
“Greater supply of rental units does not seem to be having an impact on price. The newspaper said that while more than 1,000 new apartments came on the metro market in the first quarter, the overall supply of rental units remains below what’s considered healthy levels, which is pushing rents higher.
In better news, the city of Oakdale was ranked #15th in CNN/Money Magazines list of most affordable purchase housing markets in the US. Silver lining!