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Apartment Vacancies Rise in Twin Cities

MINNEAPOLIS-Some 1,180 units were added as four major developments opened and four others underwent major expansions, according to a CTMT report.

By Jim McCartney | Updated on February 11, 2004

MINNEAPOLIS-The apartment vacancy rate in the Twin Cities has gone up to 7% from 5.2% a year ago, according to a new report on the Twin Cities real estate market from Colliers Turley Martin Tucker. The rise reflects, in part, a significant increase in supply for the market. Some 1,180 units were added as four major developments opened and four others underwent major expansions, according to the report. Also contributing to the soft market were the attractive home ownership market, fueled by relatively low mortgage rates, and stagnant job growth.

The new projects include Mainstreet Village in New Brighton, Stone Arch Apartments in Minneapolis, Cornelia Place in Edina, Stonleigh at the Reserve in Plymouth, Excelsior & Grand in St. Louis Park, Waterstone Place in Minnetonka, 808 Berry in Minneapolis (267 units) and Grand Marketplace in Burnsville (113 units). The luxury apartment market is particularly soft, showing a 9.4% vacancy among those units with rents from $1,100 to $2,000 a month.

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