As more high-end renters flock to downtown St. Paul, the market is seeing unprecedented growth, according to the St. Paul Pioneer Press.
The city has begun the shift from commuter work center to urban metropolis, with renters placing more focus on well-equipped buildings and driving the need for continued construction.
The Press notes that, due to increasing demand, approximately 14,000 new units are either planned or already under construction in the Twin Cities metro area. And yet, the occupancy rate shows that demand continues to outpace supply, leading to increased volumes of rental applications at every new building that crops up across the city.
Industry analysts note that the boom is most likely due to the fact that despite the increase in employment, consumers are still not ready to take the plunge and purchase a home. Therefore, as more individuals get jobs in the city, they have a need for a high-end, well-equipped place to live.