MPLS Rent Races to Help as Rental Property Percentage Rises

Online, October 25, 2013 (Newswire.com) - Across the country more and more home owners are being forced to become renters, according to the US Census Bureau. Due to the climbing rate of mortgage foreclosures since 2006, as a direct result of the economic recession, more than 18% of single family homes, nationally, are now rental properties. That is an increase of over 15% in only seven years.

"In addition to foreclosures, many potential first time buyers are gun shy," said MPLS Rent owner and founder, Joe Kirkwood. "Folks who would already be in a home of their own are renting because of the shaky real estate market."

MPLS Rent, a premier Minnesota rental property management company has seen the increase in the local Twin Cities market. While the national numbers are much higher, Minneapolis/St. Paul has not been left unaffected. Over the same seven years, according to a USA Today study performed in conjunction with the US Consensus, the percentage of Minneapolis single family rental homes has increased nearly 5%, which is a drop in the bucket compared to other major markets.

Stockton, CA, with a staggering 32% rental of single family homes, has seen the highest increase of all the cities involved in the USA Today study. This situation produces a completely new set of concerns for an already shaken local economy.

"There are a lot of good-quality renters out there," said Micah Runner, Stockton interim economic development director in a USA Today interview. "The issue can be when the homes are owned by people outside of the area, it's harder to get them to fix stuff."

While that rings true throughout the country, Kirkwood has found that through experienced and reputable property management companies, such as his own MPLS Rent, tenant and landlords alike need not be concerned with such issues.

"We have a network of contractors that we work with to maintain the Minneapolis rental properties we manage at a superior level, no matter where the owner lives." Kirkwood commented. "If a repair is needed, we handle it immediately. There is no waiting around for an out of town owner to get around to it."

Despite the concerns, nationally, Kirkwood maintains that the economic growth in Minneapolis, due to the increased construction projects employing some 20,000 union and construction workers, makes Minneapolis an exceptional market for both renters and landlords.