A recent article on the New York Times as well as the current market conditions in the Minneapolis Condo market have prompted me to write this post.
The rental market in downtown Minneapolis is continuing to tighten but we have reached an interesting point in the market. Rents year over year have gone up by almost 10% and vacancies are just under 1% at .73 (according to local research form Maxfield Research.)
To make matters even more interesting inventory in downtown Minneapolis has decreased to just under 160 residential condominium units on the market.
Renters and buyers thinking about renting for another year are continually standing back and asking the same question which is: rent in Minneapolis is going up--what should I do?
The time to make a strategic move and buy in the downturn of the market IS RIGHT NOW!
With these conditions and a bottleneck of inventory both in the rental and for sale markets will continue to increase pricing.
Low interest rates are not going to last forever--and the fed recently made that quite clear saying rates will begin gradually increasing up to 4.5% over the next year!
Renters and Buyers who can understand these events will truly be able to take advantage of the market right now. It is up to you as a Realtor to articulate the market conditions!
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