Market Conditions in 55413>Question Details

Ken Perkins, Home Buyer in Minneapolis, MN

What is the trend in rents for a duplex in northeast Minneapolis near Broadway and University?

Asked by Ken Perkins, Minneapolis, MN Fri Sep 28, 2007

The Northeast Minneapolis area seems to have a lot of new building going on kind of like the Uptown area was a long time ago.

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5
Rents are still going down in most areas. We assume we will see a upswing as more people move to renting over the next two years.
1 vote Thank Flag Link Sun Sep 30, 2007
I'm a landlord right in that nook, and rents have been relatively stable for a couple of years. I don't see them going up in the next 2 years, but once the economy stabilizes people will not be as likely to pass up a nice place in a great location with higher rent. Overall, this neighborhood is known and loved by renters as a nice change from the rent prices in uptown and closer to campus. The average 2 bedroom duplex unit in this area would run between $750 and $1000 depending on size, amenities, and utilities included. This particular area has seen many changes since i made the switch from renter to landlord. Tons of new restaurants, shops, and galleries have been flying up and pride of ownership in the area is coming back. I am the only owner occupant on my block, but the neighbors that rent all take nice care of their space. Great rental area!
0 votes Thank Flag Link Thu Jul 23, 2009
I live about 4 blocks away from Broadway/University and rents have increased for the last 2-3 years, but have started to plateau. I would say they are not going to go that much higher in this neighborhood due to the bad economy and more rental properties being available. There are a lot of duplex's for rent in the Logan neighborhood, but not as Many in Sheridan or St. Anthony West and rents vary accordingly.
Web Reference: http://natebenton.com
0 votes Thank Flag Link Thu Sep 11, 2008
It looks like rents will be stable or increasing. More people are holding off on purchasing a home plus less people are qualifying for a mortgage now so the supply of renters is good. The only down side is that people who can't sell their homes are adding them to the rental pool.
0 votes Thank Flag Link Mon Oct 8, 2007
Rent should start to trend upward because of the tightening in the mortgage industry.
0 votes Thank Flag Link Fri Oct 5, 2007
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