Minneapolis landlords and apartment owners should be celebrating: According to a new report from Marcus & Millichap Real Estate Investment Services, they’ll be asking tenants to pay the highest rents this year that Minneapolis renters have ever shelled out.
According to the 2012 Minneapolis multi-family report from the company, asking rents this year will hit $988 a month. That’s up 3.1 percent from last year. It’s also an all-time high for the city.
Effective rents will also jump 3.1 percent during 2012. These rents will hit $934 a month.
Credit this increase to an increase in demand. More people in Minneapolis are choosing to rent thanks to a host of factors, everything from a higher number of housing foreclosures to tighter mortgage-lending requirements.