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Good news for renters? Twin Cities apartment vacancies are rising The market appears to be giving renters more clout, aligning supply, demand. February 24, 2021 2:45pm Text size Copy shortlink:
Urban apartment owners bore the brunt of the global pandemic and urban unrest in the Twin Cities last year, providing relief for some renters.
At the end of 2020 the average vacancy rate for market-rate apartments across the metro rose more than a percentage point to 4.4%, according to a year-end report from Marquette Advisors. When including newer buildings still being leased, the figure was 5.4%.
At those rates the rental market for the first time in several years is now closer to what s considered a balance between supply and demand, except in a handful of suburban submarkets and downtown Minneapolis and St. Paul where it s now a renter s market and likely to become more so in the coming year.