The passing of the 2nd quarter marks significant developments in the Twin Cities rental market . Most notably, apartments now represent the majority of openings. For perspective, consider that in the 2nd quarter of 2012 there were 6,800 apartment openings listed. In Q2 2013 there were 12,000.
Apartment & Shadow Market Openings: 2012 Q2 - 2103 Q2
Despite this surge in openings, apartment rents still went up across the region. One-bedrooms were up 3%, two bedrooms 8%, and three bedrooms 4%. However, some sub-regions that have seen a lot of new construction, and had rents above the shadow market, did see a drop. One example is apartments in Uptown . We will continue to track rental market trends in our quarterly report, Twin Cities Rental Revue .