Average Minneapolis apartment rent jumps to $960 - My29 WFTC Minneapolis-St. Paul

Average Minneapolis apartment rent jumps to $960

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MINNEAPOLIS (KMSP) -

From the Big Apple to the Minne-apple, rents are on the rise.

In Minneapolis, the latest stats show the average apartment rent jumped $25 a month to $960. Landlords have the upper hand with vacancy rates at only 2.5 percent, but prices could start dropping as construction revs up.

Developers are set to break ground on a few new downtown high rises this summer, including a luxury tower at 5th and Nicollet.

The price may not be right for everyone, but in the long run Councilman Gary Schiff expects all renters to see rewards.

"Then landlords can't jack-up rents, can't take advantage of people who don't have options to move to a cheaper apartment," Schiff said.

Plans are also being drawn up for more affordable housing at the Pillsbury A complex. City wide, leaders expect a large number of seniors and college graduates to fill many of the vacancies.

The downtown boom isn't expected to slow down any time soon – developers are banking on it. But until the supply goes up, unfortunately renters can't expect much relief.

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