Finding a Minneapolis condo for rent in the current market is proving to be tough for most renters out there. With vacancies less than 1% and getting tighter the market is truely in need of inventory. How bad is it in Minneapolis for leasing?
Last weekend we had agents and buyers going through our rental listings--why? They had interest in making offers on our listings for rent as the for sale inventory in Minneapolis simply didnt have what they were looking for in a condo.
Thats right, buyers have such little inventory in the Minneapolis condo market that they are turning to listings for lease.
Over the past few years the amount of listings for sale in downtown Minneapolis has gone from well over 500+ listings to a few hundred consistently in 2011. Now its the end of February 2012, there are less than 180 units available in downtown Minneapolis. Interestingly enough there are an additional 46 units that are pending across the downtown market. Inventory is clearly getting tight around here and wit the lack of new construction happening we are going to see a bottleneck of activity this spring. Stay tuned to hear more realtime details on the Minneapolis condo market!
Ben Ganje + Partners
Professional Real Estate Services
As a Residential Realtor, Builder and Developer Specialist, we sell homes in and around Minneapolis, Edina, Lake Minnetonka and the surrounding areas in the Twin Cities.
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