Will Minnesota cost reductions hit when COVID evictions stop?

[Frank Hinck]

Buying in Minnesota Twin Cities area, do you think it will happen after the Evictions cease and folks start to leave?

[Amber Gonion]

@Frank Hinck I don’t believe the evictions will have much effect, but Certain parts of Minneapolis are certainly are seeing renters leave and rental prices are being affected which of course affect property value.

The major engines driving it are safety concerns and restaurants/service industry not at full capacity.

Many of the young renters work in the service industry and the unemployment kept them paying their bills (and more). But as they see that ending they have begun giving notice to move out of popular maps areas to less expensive areas like moms house.

It is not all of Minneapolis and not all of the twin cities, but just certain parts. The evictions occurring all at once will have a temporary blip in the vacancy rate, but should not be a long term effect. In general there are not any more people that need to evicted, those that need to be evicted are the same as before we will just see all of them at the same time. We have already seen the responsible renters voluntarily leaving.