Finding a Rental in Minneapolis (Grant: fit in, for sale, apartments)

[chrisroane]

Hi!

1. What is the best way to find a rental in or near the city limits of Minneapolis? I'm mainly looking for house and duplex options...but would consider condo options.

2. If you recommend going with a realtor or other service, do you have anyone you recommend? Do they usually charge a fee for this service?

Any help would be appreciated. Thanks!

[1stpontiac]

padmapper is a nice aggregator that shows listing from craiglist, rent.com, apartments.com, and others. I wish I had been aware of it when I was looking. Renters Warehouse also represents a bunch of independently-owned places, including lots of townhouses, duplexes, and such.

[vaporizor]

I know this isnt what you asked but from Ive been told in another forum its almost always better to buy than rent in MN. Someone correct me if Im wrong.

[golfgal]

Originally Posted by vaporizor

I know this isnt what you asked but from Ive been told in another forum its almost always better to buy than rent in MN. Someone correct me if Im wrong.

That depends. Right now, in this housing market, you can buy a house for less then you can rent pretty much anywhere and with FHA loans, you only need a couple thousand for closing costs and downpayment. If you live in a place you buy for say 4 years and sell it for what you paid for it, you are usually better off financially than renting. If you see some gains in those 4 years and sell for a profit, great.

Our son is looking to buy a house right now because of that. He can get a house or town home and have house payment of about $350, add taxes and insurance to that and he is looking at about $550/month for a small house. WAY better than sharing walls with neighbors in an apartment I think.

[1stpontiac]

FWIW, the OP has already had a thread regarding rent vs. buy: Relocation Strategy in the Twin Cities

[ManBearPig1]

1. Use padmapper
2. Don't pay someone to do what you can do for free (see #1)

[Slevin Kelevra]

You can use craigslist and skip the realtor fee. You can check for condos downtown if you have a bit more money to spend on the upscale condos (Grant Park, Carlisle, Skyscape) or you can check Uptown for some good trendy apartments. I think you get a little more space out in Uptown but it lacks the excitement of living in the city.

[chrisroane]

Originally Posted by vaporizor

I know this isnt what you asked but from Ive been told in another forum its almost always better to buy than rent in MN. Someone correct me if Im wrong.

Since Kingfield is now at the top of our list, and maybe even CARAG...buying is not totally out of the question. If we can get a large 2 BR or 3 BR house for $175,000 - $225,000....than it would be tempting to go with an FHA loan early next year instead of renting. But that still would end up costing us a few $100 more per month than it would be to rent a 2 or 3 bedroom duplex or house around the same area. It actually may even out with the tax benefit in writing off the interest, but I am not sure.

The idea in renting would be to pay off some debt and save a larger down payment to afford a more expensive house.

[Slevin Kelevra]

Skyscape is also FHA approved, although its tough to find any units for sale. There are a few other FHA housing properties that you can find if you search them out. You can ask a realtor if you go that route.

[chrisroane]

Thanks everyone for the reference to padmapper. That is a great tool!

On a similar note, what is a great tool to find homes for sale? I've been using Zillow, but is there something better?