Search
 

Multifamily Rental Vacancy Declines to 6.7%

MINNEAPOLIS-A survey from GVA Marquette Advisors concludes that average rent stayed the same over the previous quarter at $851 per month. Some owners are lowering rents or offering concessions to fill up before winter comes.

By Jim McCartney | Updated on October 20, 2004

MINNEAPOLIS-Multifamily rental occupancy is improving in the Twin Cities, as the vacancy rate declined to 6.7% from 7.1% last quarter, according to a multi-housing survey from GVA Marquette Advisors. The 6.7 % vacancy rate is also down from a year ago, according to the Minneapolis-based commercial real estate firm.

The average rent remained unchanged from the previous quarter at $851 per month. Among newer units, rents averaged $1,207 per month, down from $1,223 last quarter, and vacancy was at 13.5%, down from 14.9% last quarter.

An additional 800 units were added to the survey, including such projects as the second phase of Cedric’s Landing in Oakdale, MN, The Bluffs at Nine Mile Creek in Eden Prairie, MN, West River Commons in Minneapolis, Stone Creek at Medicine Lake in Plymouth, MN, Blackberry Pointe and Monument Ridge, both in Inver Grove Heights, MN.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.