Demand for Twin Cities Rentals Rises Along with Rent

Created: 05/02/2013 4:59 PM KSTP.com By: Cassie Hart

Despite more than 600 new apartments on the market in the Twin Cities, rentals are tight.

Marquette Advisors said the average vacancy rate in the metro area in the first quarter was 2.8 percent, which is down from 2.9 percent from the previous quarter.

The high demand is allowing landlords to jack up the rent, according to the report.

The average monthly rent in the Twin Cities is rising to $966, up more than $30 over a year ago.