{"id":1004148029,"date":"2016-07-18T22:11:00","date_gmt":"2016-07-19T06:11:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004148029"},"modified":"2025-02-26T23:39:36","modified_gmt":"2025-02-27T07:39:36","slug":"yardi-matrix-fueling-the-twin-cities-economy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-fueling-the-twin-cities-economy\/","title":{"rendered":"Yardi Matrix: Fueling the Twin Cities Economy"},"content":{"rendered":"<div id=\"attachment_1004147976\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147976\" data-attachment-id=\"1004147976\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-fueling-the-twin-cities-economy\/twincities_metro_rent16\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg\" data-orig-size=\"800,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Twin Cities rent evolution\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Twin Cities rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg?w=800\" class=\"wp-image-1004147976 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg\" alt=\"Twin Cities rent evolution\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/TwinCities_Metro_rent16.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004147976\" class=\"wp-caption-text\">Twin Cities rent evolution, click to enlarge<\/p><\/div>\n<p>As a regional hotspot with strong employment gains, high wages and a relatively\u00a0low cost of living, the Minneapolis-St. Paul area\u2019s multifamily market is bustling\u00a0with activity. Though Twin Cities job growth trails the nation, sectors such as health\u00a0care, education, hospitality and financial services are adding jobs and have pushed\u00a0unemployment to one of the lowest rates in the country.<\/p>\n<p>Leisure and hospitality play a big part in fueling the Twin Cities economy, as\u00a0Minneapolis will host the 2018 Super Bowl and the National Football League\u2019s\u00a0Minnesota Vikings will kick off this season at their new, $1 billion U.S. Bank\u00a0Stadium. The team has also purchased the former Northwest Airlines headquarters\u00a0in Eagan and plans to relocate its headquarters and training facility from Eden\u00a0Prairie. Retail is another major factor driving development in the area, with several\u00a0large projects currently in the works, including the Mall of America\u2019s $500 million\u00a0expansion, scheduled for completion in late 2018.<\/p>\n<p>Multifamily demand is high, especially as large employers such as UnitedHealthcare,\u00a0Mayo Clinic and Target add young workers. Occupancy was a robust 96.6 percent as of\u00a0April. Investor demand is strong, as deal flow and prices have been on the upswing.\u00a0We expect that demand is likely to remain elevated in the near future, although\u00a0a wave of new completions will dampen rent growth in the metro. As a result, we\u00a0forecast a moderate 1.5 percent increase in rents in 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/99-TwinCities-Summer2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix Report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: As a regional hotspot with strong employment gains and a relatively low cost of living, the Minneapolis-St. Paul area&#8217;s multifamily market is bustling with activity.<\/p>\n","protected":false},"author":873,"featured_media":1004147965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,13,36076,21742,37795],"tags":[],"class_list":["post-1004148029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-midwest","category-minneapolis-st-paul","category-latest","category-rc-occupancy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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