The Minneapolis-St. Paul region is a hot spot for developers seeking to capitalize on the growing Build-to-Rent (BTR) market. With strong employment growth and a high concentration of affluent residents, this area presents an ideal opportunity for developers to see rent growth.
In recent years, over 1,600 units have been delivered through nearly two dozen single-family BTR projects in the area. As demand increases, developers are shifting towards more dense unit mixes with townhouse properties becoming increasingly popular.
Notable areas experiencing significant development include Maple Grove and Woodbury in Hennepin County, Minnesota. Maple Grove currently boasts over 500 units while Woodbury has around 300 units with an additional 180 expected to be completed by 2024.
According to Northmarq’s annual BTR report, although there has been some cooling in the overall market due to economic challenges, the long-term outlook remains positive and demand for this type of housing remains strong.
For those interested in learning more about developments like these across the Midwest region including Minneapolis-St.Paul at Connect Industrial Midwest on March 5th at Joe’s Live in Rosemont Illinois – click here now!
