Over the past two years, the vacancy rates of rental units have increased from 2.0 - 2.5% to 6.5% today. 5% is considered a balanced rental market.
I don't know how many rental properties exist in Mpls. GVA Marquette Advisors, who calculates the vacancy rate for the metro area, surveys about 20,000 rental units in Minneapolis every quarter. A 4% increase in the vacancy rate (6.5% - 2.5%) for Mpls translates to 800 more apartments empty. TRANSLATION: GVA Marquette Advisors, which surveys a fraction of the rentals in Minneapolis, had no trouble finding 800 MORE empty apartments than a few years earlier. If one surveyed all rentals in Minneapolis the number of vacant apartments would be MUCH larger. I find it utterly ridiculous that in an attempt to dispute the census figures, Minneapolis Planning Director Chuck Ballentine "said other signs that point to continued growth are low vacancy rates..." How can Mr. Ballentine be the director of planning and NOT notice all the "For Rent" signs around Minneapolis? Our leaders think there is a low vacancy rate. I am not sure if I should laugh or cry. Bill Cullen Hopkins & Uptown. TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
