Media

Report: Rent To Rise In Minneapolis This Year

Friday, April 5, 2013

A new ranking says Minneapolis one of the top 10 cities where renters should expect to pay more in 2013.

Herb Tousley, director of the Shenehon Center for Real Estate and the MS degree in Real Estate program, said there are a few reasons the city’s rental market is thriving.

For one, there was no overbuilding, as inother cities, that led to an influx of rentals during the recession. Another reason is that the housing crisis scared younger people into renting longer. And a third is that people who lost their homes and have bad credit usually need to rent.

While Tousley said the market is now catching up – and more properties are being built — he expects rental prices to go up over the next two years.

Originally published: 04/05/2013, WCCO