Three separate stories were in the news recently: Renter-dominated urban centers, higher costs of construction, and record high prices for existing apartment buildings. What does that have to do with the Twin Cities?
Rented vs. Owned Housing
It shouldn't be a total surprise for anyone involved in urban real estate or multi-family investment, but recent statistics point to a hot rental market in cities across the country, including Midwestern cities. Demographics are changing: In 21 American cities with at least 100,000 population, the number of rental households is greater than the number of owned households.
Rental percentages are trending higher in numerous other cities. Many of them are college towns, but not all. The new urban lifestyle is…