|Specialty||# of Agencies|
|Single House or Condo||11|
|Home Owners Association||11|
|Total Local Companies||22|
The average rent for a 3 bedroom house in Minneapolis, MN is $1,419.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Minneapolis, MN Rental Market Overview
Low Vacancies and Surging Jobs Make Minneapolis the Hottest Midwest Rental Market
Strong job demand and a low vacancy rate placed Minneapolis among the best rental markets in the west, as well as the biggest hitters in the east in the Marcus & Millichap 2013 National Apartment Report (NAR). Minneapolis was the only Midwest market to make the top ten in the index, wedged in the middle of a bunch of West Coast markets as well as the usual East Coast giants, including New York, Boston and North New Jersey. The City of Lakes placed seventh out of 44 markets in the index, and the highest any other Midwest market ranked in 2013 was Chicago, which dropped from 17th in 2012 to 20th. The 2013 NAR forecasted vacancy rate of 2.8% in Minneapolis is one of the lowest in the nation, surpassed only by New York and Portland, Oregon.
Minneapolis Market Entry Can Be Tricky
While escalating job growth and low vacancies are key components in a landlord's market, asset location continues to be the most important, if not trickiest, consideration for buying property in Minneapolis. Most of the apartment rental demand remains centered near the Twin Cities urban core or close to large employers and major employment centers. The 2013 NAR points out that because of strong operations over a number of years, Minneapolis apartment owners seem less inclined to sell than in other markets, although the combination of escalating values and increased new apartment inventories could change this environment in the near future. In 2013 more than 2,800 new apartments were built in the area, which is more than all of the rental units completed in 2009-2011 combined. While the report anticipates that investors should move to Class B properties in ideal locations, the expectation of reduced buying activity in locations further away from the core remains similar to years past. That's one big reason why many small and independent investors consult with local Minneapolis-St. Paul property managers prior to making purchase decisions. Property management companies feature real estate professionals who often do more than screen tenants, renew leases and coordinate maintenance and repairs; they also closely follow market trends through their network of clients and associates. It's a sort of boots-on-the-ground perspective that you won't find searching online business reports. Learn more about what a Minneapolis property management company can do for you. Review our online profiles and then request your free information right now.