CYC News 15 Mar 2015
HH Pope Tawadros II prays a liturgy in remembrance of the late Pope Kyrillos the sixth. International Women #39;s Day receives global attention. Iraqi Ministry of Tourism and Antiquities...
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Listen Story audio 4min 30sec
From his office in downtown Minneapolis, Brent Wittenberg can see the region's apartment boom take shape just by looking out of his 13th floor window.
The Nic on Fifth, a 253-unit luxury apartment building a block away reportedly sold for more than $100 million last fall just after residents moved in an unheard of figure in Twin Cities residential real estate. Another luxury tower dubbed 4Marq is under construction on the same block.
Builders added 4,470 market-rate units in the Twin Cities in 2014 and Wittenberg expects another 3,500 to be move-in ready this year. Renters are signing leases as soon as the paint dries.
Still, all the construction has barely moved the needle on vacancy rates in the Twin Cities. They stood at 2.9 percent at year's end, up only slightly from a year prior. Over the same period, average monthly rent rose 4 percent and now tops $1,000.
As a result, anyone looking for an apartment in the Twin Cities likely will find fewer options and higher rents than they'd hoped. The metro area has one of the tightest rental housing markets in the nation.
When it comes to high-end apartments, Wittenberg can see a boom playing out in the data he keeps on his computer. Posh downtown apartments featuring dog runs, yoga studios, and concierge service may grab the most attention.
But rentals in all price ranges are in short supply across the Twin Cities, said Wittenberg, who tracks rental trends for the real estate consulting firm Marquette Advisors.
"I think that the demand fundamentals for apartments remain strong throughout the region," he said. "And we do not project a significant uptick in vacancy for the metro area as a whole."
Low vacancy rates and rising rents may be a landlord's dream, but they can be a nightmare for apartment seekers like Hilary Hannon, an attorney who has relocated twice in the last four years.
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Construction is booming but apartments hard to find
Father Bach II planneddowntown
Catholic Charities Spokane plans to build a second apartment building that matches the design of its 2012-constructed Father Bach Haven Home located downtown. Father Bach II will be built on a vacant lot at 201 W. SecondAve.
The 35,300-square-foot transitional housing project is in the plan review stage with the city of Spokane. Its designed to have four stories and 51 units in a mix of studio and one-bedroom floor plans. Inland Group of Spokane Valley is thecontractor.
In January 2013, Catholic Charities opened Father Bach Haven at 108 S. State
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Catholic Charities Spokane plans to build a second apartment building that matches the design of its 2012-constructed Father Bach Haven Home located downtown. Father Bach II will be built on a vacant lot at 201 W. SecondAve.
The 35,300-square-foot transitional housing project is in the plan review stage with the city of Spokane. Its designed to have four stories and 51 units in a mix of studio and one-bedroom floor plans. Inland Group of Spokane Valley is thecontractor.
In January 2013, Catholic Charities opened Father Bach Haven at 108 S. State St. to provide housing aimed at getting chronically homeless individuals off the street and into a place oftheirown.
Etailz Inc., a Spokane-based e-commerce retailer, has leased about 7,200 square feet at the Spokane Business & Industrial Park in Spokane Valley. The new space is primarily for use as a warehouse processingfacility.
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The Dirt: Catholic Charities plans second Father Bach apartment building - Mon, 23 Mar 2015 PST
