The Build-to-Rent (BTR) market in Minneapolis-St. Paul is benefiting from some of the area’s dynamics that attract developers. Due to strong employment growth and high-wage earners that developers target, the Twin Cities area is seeing steady BTR activity, according to Northmarq’s annual BTR report.
In recent years, developers have delivered nearly two dozen single-family build-to-rent projects throughout the area, totaling around 1,600 units. Developers are gradually shifting into more dense unit mixes, with townhouse properties accounting for a greater share of new construction.
Several areas have seen a concentration in development including Maple Grove, a suburb in Hennepin County, Minnesota. Maple Grove currently has more than 500 units while nearby Woodbury has the second largest asset inventory, totaling approximately 300 units, with an additional 180 units expected to deliver in 2024.
Northmarq’s report highlights that while the overall BTW market has experienced a cooling amid economic challenges, the sector’s long-term outlook is favorable and the product remains popular.
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