Watch CBS News

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.

(© Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.