Rental prices were largely stable: Median rental price was $3,300, unchanged from the same month last year. While the 3-bedroom market jumped 24.2% from the prior maryland property management year levels, the rest of the market remained largely unchanged over the same period. Studios slipped by 4%, 1-bedrooms decreased by 1.6% and 2-bedrooms rose by 1.1% from the prior year levels The West Side vacancy rate slipped: The vacancy rate declined by 0.39% to 2.09% from 2.48% in the same period last year Uptown Number of new rentals rose with studios and 3-bedrooms leading the way: There were 341 new rentals during the month, 16.4% more than in the same period last year. Large gains were seen in the studio and 3-bedroom markets, up 108.7% and 48.1% respectively.
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RENTAL RATES: Low inventory likely to cost Twin Cities tenants
With demand up, and no renter’s cap in sight, housing experts expect to see an over-supply of high-end housing while those in lower income brackets are getting priced out of the market. “[My rent] was $680s. Now, it’s $710,” Linda Johnson told FOX 9 News. “They said ‘due to increased expenses.'” Johnson said the monthly checks she writes to stay in her Richfield home have shot up three times over the past four years.
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