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Industry Information and Links | ||
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Monthly Advocate | ||
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Directory of Members | ||
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Greater Minnesota | ||
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Membership Benefits | ||
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Joining MHA | ||
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FACT 1
Over one-quarter of existing housing in
the Metro Twin Cities Area is renter occupied.
According to the 2000 Census:
28.6% of the metro area’s 1,021,454 housing units (292,488 units)
were renter occupied
48.6% in Minneapolis and 45.2% in St. Paul
Statewide, 25.4%, or 482,262 units, are rentals
FACT 2
Over half a million Twin Cities residents
rent, rather than own, the housing in which they live.
In 2000, 595,679 people lived in multifamily housing in the Twin Cities metro area with an average of 2.04 persons living in each rental unit.
FACT 3:
Minnesota’s rental communities pay
one and a half to twice the national average towards property taxes. According
to the Institute of Real Estate Management’s 2001 Income Expense
Analysis, the percentage of rent that goes toward property taxes was:
| Building Type | Minneapolis Percentage | National Percentage |
| Elevator | 11.7 % | 7.4 % |
| Low Rise(12-24 Units) | 13.6 % | 8.1 % |
| Low Rise (24 + Units) | 11.9 % | 7.6 % |
| Garden Homes | 13.1 % | 8.2 % |
Note: Figures were adjusted based on total rent collected.
FACT 4:
More than ever, people are choosing renting
as a lifestyle decision, not just a housing decision.
According to the National Multi Housing Council (NMHC), more than 40%
of renters in the 2001 Annual Housing Survey by Fannie Mae rent, rather
than own, by choice. They are drawn to apartment living for access to
amenities, the freedom to respond to job and lifestyle changes, and the
flexibility to adjust their housing without penalty or risk.
Source: NMHC Brochure – Creating Successful Communities:
A New Housing Paradigm
NMHC’s tabulations of population surveys in March 1998 and March 1999 show the fastest growing segment of apartment renters was those making $50,000 or more a year.
FACT 5:
The multi housing industry is a major employer
in Minnesota and the industry has a profound economic impact on local
and state levels.
Nationwide, apartment construction and management add over one half million jobs to local employment. In Minnesota the annual payroll of $190 million makes multi housing a major employer. The industry’s routine purchase of goods and services, combined with property taxes and other payments to local government, totals more than $1.6 billion annually.
According to NMHC, new construction of 100 apartment homes in a metropolitan
area averages:
• 121 local jobs
• $409,000 in local taxes and fees
• $3.54 million in local wages
• $1.28 million in local business receipts
Source: NMHC – Why Apartments are Vital to America
FACT 6:
Apartments promote efficient land use, Smart
Growth and urban revitalization.
The per unit cost of providing public services decreases as the density of development increases. Low-density, single-family development requires more miles of roads, sewer and water lines. Public services, such as police and fire protection, must be spread over a larger geographic area. Consequently, the clustering of apartment homes makes them substantially less expensive to service than single-family homes.
With fewer automobiles than single-family households, apartment residents
put less burden on local infrastructure. The 1997 American Housing Survey
estimates that apartment residents average 1.0 vehicles per household,
while owner-occupied houses average 2.1 vehicles. Data from the Institute
of Transportation Engineers indicate that an apartment, in a property
of two or more stories, generates 30 to 40 percent fewer vehicle trips
than single-family units.
Source: NMHC – Growing Smarter with Apartments
Toward More Livable and Prosperous Communities
Links for Multi Housing Statistics and Research