||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
Minnesota Rental Market Overview
Competition for Affordable Rentals, Competition for Reliable Tenants
While Minnesota's unemployment rate hovers around 5%, the Department of Employment and Economic Development points out that a majority of the future job openings in the state revolve around lower paying service jobs, especially in fields related to personal care and home health care. This doesn't bode well for new households seeking affordable rental properties--especially those with multiple bedrooms. According to a 2013 report released the National Low Income Housing Coalition, many renters earning Minnesota's minimum hourly wage of $7.25 are priced out of the market. Much of this formula is based around Minnesota's Fair Market Rent (FMR) rate of a two-bedroom apartment, $836.00 per month, and the idea that households should not pay more than 30% of their income on monthly housing. The reality is that most Minnesota renters pay a higher percentage of their monthly incomes on rent than many households in the United States. In terms of ranking, the metropolitan areas of Minneapolis-St. Paul-Bloomington and Rochester rated among the most expensive for renters, while Fargo and Wabasha County were the most affordable.
Property Managers Can Help You Find the Right Tenants for Your Investments
In a normal market large rental development companies enjoy significant advantages over independent landlords, including fulltime property and maintenance personnel, marketing budgets and streamlined tenant application processes. In a challenging market like Minnesota these advantages are more than deep-pocket luxuries--they are essential for the survival of your business. As a small investor, you need the best property exposure in the right marketing channels to attract the largest pool of tenant applicants possible. You need accurate, comprehensive and expedited tenant background checks that verify income, employment history and even a potential criminal background. You need all these services without breaking your budget. That's why you should consider the services of a local Minnesota property management company. They're real estate professionals who know the most successful channels for property exposure. Many have experience and specialized online tools for screening tenant applications. They work with other clients just like you and they can show you affordable strategies for minimizing vacancies. Request your free information from these Minnesota property management companies today.