CRE W Minnesota

Apartment rents to reach all-time high in Minneapolis this year

Minneapolis landlords and apartment owners should be celebrating: According to a new report from Marcus & Millichap Real Estate Investment Services, they'll be asking tenants to pay the highest rents this year that Minneapolis renters have ever shelled out.

Minneapolis landlords and apartment owners should be celebrating: According to a new report from Marcus & Millichap Real Estate Investment Services, they'll be asking tenants to pay the highest rents this year that Minneapolis renters have ever shelled out.

According to the 2012 Minneapolis multi-family report from the company, asking rents this year will hit $988 a month. That's up 3.1 percent from last year. It's also an all-time high for the city.

Effective rents will also jump 3.1 percent during 2012. These rents will hit $934 a month.

Credit this increase to an increase in demand. More people in Minneapolis are choosing to rent thanks to a host of factors, everything from a higher number of housing foreclosures to tighter mortgage-lending requirements.