As I mentioned in September rentals have now been added to our MLS. They are also available in the public MLS. If you click on my home search button there is a new tab for rental properties.
Currently there are 36 homes listed as being for rent. I looked through them and they are all condos, townhouses or single family homes. I am not finding any appartment buildings but I find an apartment in a duplex here and there.
Owners of apartment building probably have a system in place for renting them out and don't need to pay a Realtor.
I like numbers but it will be probably about a year before I can get some numbers on average rental rates by square foot and the way it looks right now the numbers will not be averages for apartment buildings.
There are some condos for rent downtown and a huge unit is for rent on Spring Street by the river. It will be interesting to see how long it takes before they are rented out. I don't have a clue because I have never worked with rentals. I have always encourage people to rent if they are not planning on staying in one place for long and by long I mean less than 5 to 7 years. Buying a home is more of a long term thing. Renting is also a great way to get to know the area for those who are relocating to the Twin Cities.
I have not decided if I am going to work with rentals. Just because I can doesn't mean that it is a good fit for me but I do want to keep up on all aspects of the local real estate market so I will continue to watch the rental market and provide reports on this site as I get more numbers.
