Are you looking for rentals in St Louis Park MN? St Louis Park, MN is a convenient location for people who work in the city. The city which is west of Minneapolis and located in the Hennepin County got its name from the Minneapolis and St. Louis Railway. The “park” was added later on so as not to confuse it with the St. Louis in Missouri. St Louis Park used to be a small town but experienced a boom after World War II.
Nowadays its proximity to Minneapolis attracts new families and individuals each year.
Here is a brief overview of the rental market in St. Louis Park, MN.
According to data gathered from St.LouisPark.org’s survey, stock housing continues to grow. The housing market is strong in St. Louis Park because of its location in the metropolitan area, the city’s continued growth as an employment center and quality of housing stock. Most rentals in St Louis Park MN are single family houses, townhouses, condos and multiple family. Efficiency apartments comprise 3% of the housing stock while 95% is comprised of 1 or 2-bedroom apartments.
The survey which was conducted in 2015 reports there are 11,606 single family houses, 3,525 condos and townhouses and 8,848 multiple family units in St. Louis Park.
Single family homeownership is taking time to recover in St. Louis Park as a result of the downturn in the market during the recession of 2007 and 2008. However, rentals in St Louis Park MN are still on the rise thanks to a high demand and tight supply which persists even today. The number of persons living in a single family home is around 2.07 according to the survey.
Real estate website Trulia reports that the median sale price for homes in the area is $236,619 while unit rentals in St, Louis Park MN costs around $1,725 per month. The average price per square foot in the city is at $211.
According to the survey results from St.LouisPark.org, buildings built after 1987 have higher rent rates compared to those built before 1987. This is mainly because most of the housing built in the area have been high end luxury condominiums with high rental costs. As a result, rentals in St Louis Park MN are divided into two categories, Pre 1987 and Post 1987. For example, a pre-1987 3-bedroom efficiency unit costs around $905 per month while a post-1987 unit is approximately $1,640.
In order to consider rentals in St Louis Park MN, you have to know what kind of housing meets your need, the kind of amenities you require and your budget. Rent in the city is brisk due to supply and demand so you need to move quickly to snag the most suitable home. First decide on:
Now that you have an idea of what you want, you can now begin to search for rentals in St Louis Park MN. These days, searching for real estate properties is easier thanks to the internet. You can use websites like Trulia, PrimeLocation or Zillow. You can also do a search by perusing the classified ads of the local paper or visiting a real estate agent.
If you are a renter or a landlord that is looking to rent or sell rental property in St. Louis Park, MN contact Gold Path Real Estate today. Gold Path Real Estate is a full service real estate solutions company that can work with you to resolve your current real estate needs. Call NOW at 612-758-0071. Alternatively, click below to download a free report on how to sell your house fast.