Landlords anticipating competition in a hotter rental market are improving apartments to coax potential tenants who otherwise would go condo, reports the
Star Tribune:
"The Twin Cities' vacancy rate for apartments was down from 6 percent in July 2009 to 5 percent this year--a situation credited to the creation of 13,500 jobs in the metro area in the second quarter.
"GVA estimated this has resulted in the absorption of 3,500 apartment units in the first half of the year--meaning thousands more units were rented than became vacant in the last six months. Some areas of the Twin Cities market have been able to sustain modestly increased rents.
"The improved fundamentals, however, have also sharpened competition among multifamily-building owners angling for the new tenants. The new breed of renter is looking for the kinds of amenities he or she may have received in new condos: new countertops, new appliances, sparkling common areas. That has prompted one prominent local apartment owner to embark on a major renovation effort for some of its properties."
Read the full article
here.