Year-over-year rise: 7.8%
Vacancy rate: 2.2%
Median monthly rent: $1,272.50
It seems builders aren't building apartments fast enough in the Twin Cities. Rents have risen rapidly, even as construction of new apartments grows.
source: money.cnn.com
So - with interest rates being as low as they are - why pay rent when you can enjoy the benefits of home ownership! Many first-time home buyers may have missed out on the recent swell of activity! Now is the time to buy!
There is another side to this scenario: quick flips are becoming scarce! Many of our investors have shifted to purchasing apartment complexes in the Twin Cities area and suburbs. With so many people needing time to repair their credit, the rental market is hot right now.
Rochelle Allison
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