2 Bedroom / 1 Bath Rent Prices in Northeast Minneapolis

[Jack Gardner]

Hello all - 

I am in the process of purchasing a duplex in Northeast Minneapolis and wanted to see if anyone had information on rents in Northeast. Are they going up? Going down? What's the median? Expectations for increases or decreases in the future? I've seen a lot of positive feedback about Northeast, though I have not spent any time there myself. Any info on the area would be appreciated. 

[Tim Swierczek]

@Jack Gardner I like @Bryon Andrews's answer. I have owned several duplexes in the Windom area of NE. A nice but rental quality unit gets 1500-1650 regularly in that area depending on the size and finishes. Other areas near the arts area get more and large units can easily be 1800. You will need to compare your unit to the competition. The problem is this time of the year does not have much turn and the units available are not representative of your true competition.  NE Minneapolis has strong rental demand, but no area is hot in the Winter. You will likely need to sit on the unit for a long time or reduce initial rent below the market for that unit to rent during the Winter. account for this by either offering a Winter special that will increase to market in the Spring or doing a short lease that ends in the Summer. Either way, do not sign a 12-month lease. I would recommend a custom term that is about 18 months.  Good luck and reach out if you want to talk.