Apartment boom in Twin Cities begins shift to suburbs

The Twin Cities apartment boom, which is transforming Minneapolis and St. Paul, is now thundering into the suburbs, where rentals are full and there’s plenty of developable land.

Last month, the average vacancy rate across the 13-county area was just 2.5 percent, according to new data from NAI Everest, a local brokerage. The average monthly rent in the Twin Cities is now $1,051, up 6 percent from a year ago in an economy where inflation and wage growth are flat.

With a healthy economy and demographics in its favor, the rental market in the Twin Cities remains one of the strongest in the nation.

http://www.startribune.com/apartment-boom-in-twin-cities-begins-shift-to-suburbs/318733241/