is it true that rents are going down in Minneapolis? (Crystal: 2015, apartments)

[nickerman]

I read that somewhere recently and forgot where I read it. But if its true what are the reasons the downward trend in rent costs. Minneapolis used to be a high rent area and still was until recently but I moved from Minneapolis in the late 80s and don't know how it is now.

[uptown_urbanist]

I hadn't heard that (and it certainly wasn't my perception), but I looked it up and see that there was a zillow report that showed a very small dip in Minneapolis rents, although other reports show rents continuing to go up. It's still much cheaper than the major coastal cities, though. I suppose there may be a dip or a stabilization in rents because there are so many units coming on the market. There are new buildings everywhere you look these days.

[BillWallace]

I own rental properties and I don't see this at all. I generally try to stay on the lower end of similar properties (especially for existing tenants) and can easily justify raising the rents almost any time a property comes up for renewal. All 6 units I've had come up for renewal in 2015 have had rent increases and not 1 tenant has left because of it. I do try to treat my tenants well.

[pvoyd]

Ditto. About 5% increase this year for renewing tenants, 8-10% for new tenants moving in.

Originally Posted by BillWallace

I own rental properties and I don't see this at all. I generally try to stay on the lower end of similar properties (especially for existing tenants) and can easily justify raising the rents almost any time a property comes up for renewal. All 6 units I've had come up for renewal in 2015 have had rent increases and not 1 tenant has left because of it. I do try to treat my tenants well.

[Radical_Car]

My rent went up $20 from $929 to 949 in New Hope/Crystal.

[Min-Chi-Cbus]

No. According to the Strib rents are on the rise (as well as vacancies, which makes no sense, so I'm ignoring that part of their study).

[Steve Bowen]

Originally Posted by Min-Chi-Cbus

No. According to the Strib rents are on the rise (as well as vacancies, which makes no sense, so I'm ignoring that part of their study).

The Strib may be right. I've seen this phenomenon in Seattle during the building boom of the last three years or so. At least in Seattle, newly built apartments rent for considerably more (around 40% more) than comparable older apartments in the same location. In addition, the developers of these buildings generally do not offer reduced rents or move-in incentives.

There are two brand new apartment buildings within 3 blocks of my 1960's era building that even 18 months after being completed are only partially full. And they appeared to be almost empty for the first 6 months after opening. The result? Increased median rents, as high-priced new apartments become a larger percentage of overall apartments in the city, and increased vacancy rates, as few people choose to rent the comparatively expensive new apartments. This also results in more competition for existing older, cheaper apartments. I suspect that this is happening in Minneapolis.

[Hockeygirl063]

Newer places here in PDX are also much higher than existing places. But overall the rent here keeps going up. Every time we renew our lease it goes up $50-$100. That sucks We have lived here for 9 + years and signed several long term leases. If I was a landlord I would not raise rent on a tenant with an excellent rental history. Our lease is up next month. Hubby is dragging his feet with moving but I hate this place. it is right across from a new shopping center which brings so much more traffic and noise. They are building a parking garage which is going to disrupt everything. Cannot park on the street because of bike paths on both sides. Where do they except people to park?

I like it here but Portland is not that great as far as culture goes. (Opera, plays, classical music.)We have some but Seattle is 50 times better than Portland. I have lived in both and I would not mind going back up there. Plus all we have is the stinking JailBlazers for pro sports. I guess we have soccer also but I have never really had an interest in soccer. We need an NHL team. We have a junior hockey team. But no baseball and no football.

Those are reasons for me to want to go to Minneapolis plus my beloved Golden Gophers who thanks to cable tv i get to watch on a regular basis :-)