Apartment rental demand going up while construction at a lowFargo, ND (WDAY TV) - Anyone looking for an apartment in the F-M area is probably having a tough time.
By: WDAY Staff Reports, WDAY Staff Reports, WDAY
Fargo, ND (WDAY TV) - Anyone looking for an apartment in the F-M area is probably having a tough time.
The demand for rental units is going up, at the same time new construction on apartments has hit its lowest point in 4 years.
In June the vacancy rate was just over 3 percent and may go lower into the fall. Many believe the oil boom out west is influencing the housing market here.
Neal Eriksmoen, Appraisal Services: “There are people that have come here because of that, that have moved to South Dakota because of that. The fixed income people that look for another place to live that's more affordable and that has been the case here. What most likely is going to happen is there is going to be an uptick on rental rates here.”
Ericksmoen says in the 20 years he's been surveying rentals, this is the lowest vacancy rate he's seen.