A recent
New York Times story highlights the state of the national real estate market by looking to Minneapolis.
The city’s trendy North Loop neighborhood has seen plenty of development in the last year, with new apartments filling up fast. But in other parts of the city, like the Lyn-Lake area, some people worry that “apartment construction may outpace demand,” it states.
The Twin Cities isn’t the only place where that concern is growing as more and more rental projects get underway across the country.
At the same time, demand is coming from a new group: Kelly Doran, founder of the
Doran Companies in Bloomington, saw plenty of interest from Baby Boomers in a recent apartment project, early on. “Empty nesters don’t want to own anymore, don’t want to deal with repairs and don’t want to deal with financing or condo boards; they just want to pay the rent,” he’s quoted as saying, adding, “So it’s not about price, it’s about a lifestyle decision.”
Source: New York Times