Number of flats and houses in Twin cities are at all time high and there is nothing slowing down this boom. The demand for multi-family housing has been on the rise and single family homes are taking back seat. However, when compared to the population growth in the area, the housing has increased only by half which leaves ample opportunities for the increase in the number of apartment buildings in the years to come. Since the demand for such multifamily apartments is increasing, so is the rate of rent.
Factors behind increasing demand
There are several factors driving this growth with demographics being one of the strongest. Population, as we discussed has been on the rise in twin city but that is not the only reason. Twin Cities Apartment Boom is also a product of low rate of unemployment and more disposable income in the hands of the people. Sometimes, the rent rate in the area even fluctuates behind the average rate of five percent, of course due to the growing demand. A lot of this population who is looking to rent an apartment in the twin city area is college graduates who get a new job and the first thing they want is a decent place to dwell.
Another factor is affordable housing in this area and surge in non-conventional renters. Youngsters obviously look for the place which is close enough to the city so that they can also enjoy the night life and at the same time it should be affordable enough, hence the twin cities apartment boom. Most of the apartment construction in the Twin Cities is happening around Minneapolis and Saint Paul. In the coming years, the rise in the demand is expected to continue according to the experts as more and more people are looking forward to live in apartments.