IncSmart Minnesota (Small Business and Startups) - Minnesota is enjoying a strong housing market. More apartments have been rented than new units being built. Vacancies remain low and landlords are raising rents. Twin City suburbs has had minimal construction for the last 20 years. The demand for rental units ranges from over every price range. Metro vacancy rate is 2.7 percent. The overall average rent is $1,110. This is a 5.4 percent increase compared with last year.
Home builders however are having their best year for both single and multifamily homes. This is the highest building growth in 15 years. The demand for upscale apartment complexes is very strong. Developers are moving to the suburbs where demand is greater. Job growth in downtown Minneapolis has increased by 3.8%, and is seeing a building boom. The unemployment rate for Minnesota did not fall in April. The state unemployment rate is 4.0, 0.6 percentage points lower than the national average.
By Sandy Roberts
Starting a Business in Minnesota
For 10 years, IncSmart.biz Business Services has helped companies and people from all over the world form Minnesota Corporations and Minnesota Limited Liability Companies. When you call, email, instant message or live chat with our office, expect personal attention. We are very excited about helping you form your new company. Each state is so different when it comes to filing documents, you will know right away you are in the right place. #incsmart
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