Market Conditions in 55406>Question Details

55406_is_best, Other/Just Looking in 55406

rents in longfellow 1 bedroom?

Asked by 55406_is_best, 55406 Mon Jul 26, 2010

looking to rent out my condo. how much is the average rent for a one bedroom in longfellow proper, north of lake, around 35th avenue in a small, cute, vintage building?

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5
Around 600 to 700 depending on the amenities and if any utilites are included.
Web Reference: http://www.kellyknaus.com
1 vote Thank Flag Link Mon Jul 26, 2010
I own a few rental buildings in the Longfellow neighborhood and it seem to me that 1 bedroom apartments that are in good shape are going for $695-750 per month. Some might include a garage, others might include heat. If you do choose to rent any property in Minneapolis it has to be licensed by the city. It's not a hard process to get a rental license, just a costly one...$1000.00 application fee. OUCH!!
0 votes Thank Flag Link Wed Oct 27, 2010
Before you take the final plunge, make sure you talk to a couple current and also a couple FORMER landlords and get their thoughts. I'm not saying that it won't work by any means but seldom is a condo a good rental simply because you used to live there. My investor clients look for very different things in a property than my home buyer clients do. The things that caused you to purchase this condo as a home are likely to be things that detract from its investment potential. I don't know what your situation is but please don't turn into a landlord because you can't sell your condo - I'm saying that is what you are doing - but rather that we are seeing this far too often these days. There are other more attractive options.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Tue Jul 27, 2010
Hello: One great site to find current rental rates anywhere is http://www.rentometer.com

This site is used by investors to see if they are charging the correct price based on all of the current rents in the area.

This way you can compare areas of nearby towns. Good Luck!
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Jul 27, 2010
$600ish depending on how upgraded it is. If you have any other rental questions, let me know.
0 votes Thank Flag Link Tue Jul 27, 2010
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