Twin Cities For Sale, Rental Markets

It’s widely known that the annual Twin Cities housing market generally peaks March-April (the exception being 2005, when the peak was November(!)).

At least anecdotally, however, it sure seems like that’s when the local rental market peaks, too.

That’s based on what I’m seeing with my own clients, as well as the quickening pace of rental-related emails filling up my mailbox these days.

Which makes sense.

People selling their homes and moving into a rental try to time the Spring market to catch peak Buyer interest.

Meanwhile, lots of renters-now-prospective home Buyers have May 31 or June 30 lease expirations (factors:  school graduation, mild weather, etc.).

Allowing for a 6-8 week closing period — and 4-8 weeks of home shopping prior to that — means that serious Buyers need to be out there . . . now!

P.S.:  to smooth out the seasonality in the rental market, some big local landlords have experimented with non-standard lease terms (e.g., 8 months instead of 12), and given incentives for off-peak periods.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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