Increased Demand for Rental Housing

Have you wondered what rising interest rates have done to the rental market? You may have guessed and the Star Tribune reported that as interest rates for a mortgage have gone up, demand for rental housing has also increased. In September 2022, there was a 6% increase over the past year in permitted multifamily units, mostly market rate rental apartments. That comes out to about 1,221 units across the metro. That is compared to only 410 single-family housing permits in the same month, down 27% from last year. Check out the data from Housing First Minnesota.

The demand for multifamily housing keeps increasing over time, with no signs of slowing down. If you are interested in learning more about investment opportunities for kamp’s new multifamily product designed for hybrid work, please contact us.