Strong Greater MSP Economy, Job Market Spurs Developers to Build Thousands of Luxury Apartments in Urban Neighborhoods
The Star Tribune reported last month that competition for Minneapolis Saint Paul rentals is still tight, despite 10,000 apartments built since 2013. The average vacancy rate for market-rate apartments in the region was 2.5 percent at the end of the second quarter, almost exactly as it was last year.
This has been good news for developers, landlords and city dwellers. The Minneapolis St. Paul Business Journal recently reported the sale of the luxury apartment building Velo for $31 million or $300,000 per unit. Velo (as seen in the image) in downtown Minneapolis' trendy North Loop was built in 2014 by The Opus Group.
The North Loop near Target Field, home of the Minnesota Twins, is a fast-growing neighborhood on the edge of downtown with thousands of new residential units, many small businesses and creative firms as well as trendy shops and restaurants. The New York Times recently offered up this tour of the North Loop.