Top City Searches in Minnesota
Minnesota: The North Star State
Minnesota has an estimated population of 5,706,494 residents. St. Paul serves as the state's capital, while Minneapolis is its largest. The Minneapolis-St. Paul metropolitan area, also known as the Twin Cities, is home to more than half of the state's entire population. Minnesota is known for its vast lakes, lush forests, and beautiful parks as well as being a prime destination for skiing, skating, hunting, and ice fishing.
Minnesota also boasts a thriving arts scene, both when it comes to visual and performing arts. There are numerous museums in the state, such as the Minneapolis Institute of Art
, the Walker Art Center
, the Museum of Russian Art
, and the Frederick R. Weisman Art Museum
. Performing arts companies based in Minnesota include the Saint Paul Chamber Orchestra
, the Minnesota Orchestra
, and the Guthrie Theater
Additionally, Minnesota hosts a number of events throughout the year. This includes the Minnesota State Fair, the Minnesota Fringe Festival, the Minnesota Renaissance Festival, Moondance Jam, and the Saint Paul Winter Carnival. Colleges and universities located in Minnesota include the University of Minnesota
, the University of St. Thomas
, Century College
, and Hamline University
Other attractions in the North Star State include Voyageurs National Park
, the Mall of America
, the Minnehaha Falls
, the Boundary Waters Canoe Area Wilderness
, the Minnesota Zoo
, the Science Museum of Minnesota
, and Como Park Zoo & Conservatory
Analyzing Minnesota's Rental Market
Minnesota has an active real estate market. The median sale price
for a home in this state is $318,000, indicating an 11.5% year-over-year change. There are also many renters in the North Star State. In fact, renters make up 28.4% of the state's total population.
Image via towncharts.com
Landlords can also earn a good living in Minnesota. In 2019, the median rent in the state was $1,016, which was only slightly below the national median. Rent has been increasing in Minnesota, too, since 2011.
Image via deptofnumbers.com
Additionally, Minnesota boasts a low vacancy rate. Landlords won't have much trouble finding tenants here as the vacancy rate in 2019 was 4.76%. In comparison, the national vacancy rate at the time was 5.97%.
Finally, Minnesota is known as a landlord-friendly state. There are no rent control laws that exist statewide, and notice requirements for evictions are few and far between.
When to Hire a Minnesota Property Management Company
A property management company can help landlords with their everyday duties and responsibilities. This includes finding and screening tenants, conducting property inspections, collecting rent, enforcing lease terms, overseeing maintenance, and answering tenant concerns. A company can also help with tax preparations, budget management, and evictions.
But, how do you know it's time to hire a Minnesota rental management company?
- Lack of Time. Many landlords don't have enough time to focus on property management. With a 9-to-5 job, a family to raise, and other personal responsibilities, this comes as no surprise.
- No Experience. Property management involves a lot of work, many of which require some level of expertise. A company can do all of it for you — from market research to assistance with landlord-tenant laws.
- Multiple Properties. If you own many rental properties, it can be difficult to juggle them all at once. Multi-property management is something a professional can handle.
- Location. Managing your rental property is nearly impossible when you live quite a distance away.
- No Interest. Is property management simply not something you're interested in? Hand it over to a property manager!
In Search of Property Management in Minnesota?
Looking for rental property management in the state of Minnesota? Rental Choice was formed to be a valuable resource to property owners and landlords. Our online database
contains professional property management companies looking to service your rental home.
By entering your zip code or selecting your city, our website allows you to target your search for trustworthy companies. Simply find the companies that offer the service your community needs and reach out to that company for more information.