Minneapolis, MN: The Twin Cities
Minneapolis has 429,954 residents, making it the most populous city in Minnesota. It acts as the county seat of Hennepin County. Together with the state capital, St. Paul, Minneapolis is known as the “Twin Cities.” Another nickname, the “City of Lakes,” can be attributed to Minneapolis’s abundance of water. In fact, there are 13 lakes in the city alone.
Aside from great outdoor attractions, Minneapolis is also home to a thriving arts and culture scene. Notable points of interest include the Guthrie Theater, the Walker Art Center, the Minneapolis Institute of Art, the Weisman Art Museum, the Cowles Center for Dance and the Performing Arts, and the Dakota Jazz Club. The city also hosts several annual events such as the City of Lakes Loppet, the Minnesota Fringe Festival, and the Minneapolis Aquatennial.
Colleges and universities located in Minneapolis include the University of Minnesota, the Minneapolis College of Art and Design, Augsburg University, and North Central University. Other attractions include the Mall of America, Minnehaha Falls, Nickelodeon Universe, the Bell Museum, the Minneapolis Sculpture Garden, and the Mill City Museum.
How Is Minneapolis’s Rental Market?
Minneapolis has a flourishing rental market. The median listing price for a home in the City of Lakes is $325,000, with some going for as high as $4.5 million. It is perhaps due to more expensive real estate that residents tend to rent their homes in Minneapolis. In fact, renters make up 52.8% of the city’s population. With a large pool of potential tenants, Minneapolis is certainly attractive to rental property owners.
Image via towncharts.com
In addition, rent is also pretty high in this city. In 2019, the median rent was $1,144, beating the national median of $1,097 in the same year. Rent in Minneapolis has been on the rise since 2011, which makes it appealing to landlords and investors.
Image via deptofnumbers.com
Plus, the vacancy rate in Minneapolis is on the lower end of the spectrum. The national vacancy rate in 2019 was 5.97$, whereas Minneapolis had a 3.84% vacancy rate during the same period. This was down from the previous year’s 4.06%. Beyond that, Minnesota’s laws on rentals make it a favorable environment for landlords. Here, there are no rent control policies and evictions are easier to process.
How a Minneapolis Property Management Company Can Help
For rental property investors, Minneapolis is absolutely the place to be. Being a landlord, though, requires more than just capital. You need to devote a lot of time and energy to operate your property, in addition to learning the usually confusing ropes that come with the job. This is where a Minneapolis rental management company can help.
A rental management company can assume all of the landlord’s duties and perform them in an efficient manner. A professional manager can make property management in Minneapolis much smoother by performing the following tasks and more:
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Minneapolis?
It is not easy to find a property management company in Minneapolis that matches your individual needs and budget. You also need to perform a thorough vetting process to ensure you choose the best one. With Rental Choice’s online directory, though, you can simply browse through the available companies in your area. Rest assured that our listings consist of only reliable management companies.