Luxury Apts Popping Up, And Filling Up, Too
MINNEAPOLIS (WCCO) -- No raking the leaves, no condo association fees and no mortgage.
They're all reasons that are pushing many people to rental housing in the Twin Cities as high-end apartments pop up all around the metro.
In fact, there are four luxury buildings in St. Louis Park alone that are opening this month, and it appears they're filling up fast.
222 Hennepin, located in the heart of downtown opens in August. Mill & Main opens in June at St. Anthony Main. And 36 Park, just off 36th and Highway 100 is open in St. Louis Park.
If luxury means amenities, then the developers of The Flats at West End have it figured out.
Mary Bujold, president of Twin Cities-based Maxfield Research Inc. has spent countless hours studying the apartment and housing market.
She said while new construction stopped during the recession, now that the housing market is starting to stabilize, developers are once again breaking ground.
A big draw in renting vs. buying: lifestyle convenience and no association fees. It's also appealing to those who seek flexibility.
On average, studio apartments start at around $1,100 a month and run up to $3,000 plus for penthouse units.
