The Twin Cities Multi Family Market is thriving right now! According to Marcus & Millichap Real Estate Investment Services, it ranks as one of the strongest in the country!
Part of the reason for this is the tremendous amount of new jobs being created in the Twin Cities. Alone in 2012 there are expected to be another 28,000 new jobs, several with Fortune 500 companies in the area. Target is doing some of the biggest amounts of hiring!
Builders are expected to finish about 1,870 new apartments in 2012, in 2011 they finished just 477. Even with the new apartments, the vacancy rate is forecast to hold steady at around 2.9% and rents are expected to rise around 3%.