|Specialty||# of Agencies|
|Single House or Condo||7|
|Home Owners Association||11|
|Total Local Companies||19|
Saint Paul, MN Rental Market Overview
Minneapolis-St. Paul is the Best in the Midwest for Rental Property Owners
Contrary to popular assumptions, Minneapolis-St. Paul has a better rental market than Chicago. At least that is the findings according to the recent Marcus & Millichap 2013 National Apartment Report (NAR), which ranked the Twin Cities seventh out of 44 national markets in their index. Chicago landed near the middle of the list at number 20. One big reason for the top-ten ranking was that the forecasted vacancy rate of 2.8% remains one of the lowest percentages in the United States. Only New York and Portland, Oregon had better vacancy rates. Much of the Minneapolis-St. Paul apartment demand centers on the urban core, which is usually in close proximity to the largest and most successful employers in the area. The NAR notes that in 2013 more than 2,800 new apartments were built here, more than all of the combined rental units completed from 2009 to 2011. Currently many of the apartment owners near the urban core are reluctant to sell, although escalating property values and increased apartment inventories could alter this condition. That leaves other investors seeking alternate entry points into this surging market.
You Enjoy Renovations, Right?
While Minneapolis features a significant number of new properties, neighboring St. Paul has a distinct older charm with stately brick buildings and Victorian homes. The older St. Paul architecture offers opportunities for small or independent investors who want to add distinct or unique assets to their property portfolios. Keep in mind that this sort of strategy caters to a limited demographic of renter, the sort of tenant who is willing to give up the conveniences of a short commute or immediate access to shopping amenities. The 2013 NAR anticipates that more Minneapolis-St. Paul property investors will move to Class B and Class C properties further away from the urban core, but buying activity will remain tempered in these outlying locations. That's why many independent landlords and investors consult with property managers in the Minneapolis-St. Paul area before making significant moves and purchases. Local property management companies work with a range of rental properties in the St. Paul region, so many of these real estate professionals have firsthand experience within the market, the sort of stuff you won't find on spreadsheets and published reports. In addition to providing insights, they can also help you screen tenants, enforce leases and recommend skilled contractors and specialists for those tricky parts in your renovation projects. Take a moment to review the profiles of these St. Paul property management companies and then request your free information today.