For many years now, Minneapolis has been a popular destination for renting. With home sales showing little sign of improvement, the number of residents leasing in the City of Lakes may rise even further.
One half of the Twin Cities, Minneapolis is a quaint city of nearly 400,000 people - many of whom chose to settle down there due to the extensive number of features and amenities located throughout the metropolis.
Unique arts festivals, acclaimed theaters, celebrated pro sports teams and the nearby Mall of America are some of the most admired and loved traits in Minneapolis.
Residents often take metro transit to a number of places in and around the Mill City, including the University of Minnesota, Target Field, Big Lake and many more destinations regularly visited locales.
With a friendly community of Midwesterners, a recovering economy and a strong desire to become greener, among other attributes, now is a prime time for property investors to secure a residence or two and take advantage of a continually advancing leasing environment.
Many Property Management Firms Operating in Minneapolis
Home prices in Minneapolis are hitting near-record lows recently. Additionally, many rental properties are currently under construction, while even more are on the way for the city. With high demand for apartments comes a great chance for you to step up to the plate and get your hands on some prime real estate in Minneapolis.
While the for-sale housing market may improve in the coming years, substantial revenues can be had by investing in a rental property in the metro area. Once you've obtained one or more of these properties, the next step is to hire a rental property management firm, who can assist you in running the residences.
Minneapolis Rental Market at a Glance
Roughly 8,500 market-rate, affordable and student apartment units are under construction or have been proposed to be built as of September 2011, according to Finance & Commerce.
Rental Vacancy Rate, Q2 2011: 2.9 percent
Rent Growth, Q2 2011: 0.2 percent
Statistics courtesy of Reis Reports
Average Apartment Rent, Q2 2011: $921 per month
Average Apartment Rent, Q2 2010: $902 per month
Statistics courtesy of Marquette Advisors.
Finding Minneapolis Property Management Companies
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