The city of Plymouth has a plethora of amenities: everything from parks and shopping to the educational reputation of the Wayzata School District.
But according to a report from Apartmentlist.com
, if you want to rent an apartment in Plymouth, it'll cost you.
The report found that Plymouth is the most expensive of the Twin Cities suburbs. A one-bedroom apartment costs $1,140, whereas a two-bedroom costs $1,330 on average.
"We've seen rent go up much faster than renter incomes now for well over a decade," said Chip Halbach, executive director of the Minnesota Housing Partnership.
Halbach says rent is high not only in Plymouth, but across the Twin Cities.
"And there's just a variety of reasons," Halbach said. "There's more renters out there that are driving demand. At the same time, it's the supply isn't keeping up with that demand."
Vacancy rates across the metro are right around 3 percent, and even with new developments in the works, such as the Plymouth Flats near Highways 169 and 55 (which will have 16 affordable housing units and 157 total units), renters looking for more affordable options won't see the situation improving much.
"The market's really able to respond, but only at the high-end," Halbach said. "So there will be that continued push for more and more rental housing without the supply, except at the high-end, to keep up with that push."
Halbach says the average rent across the metro area is in the $1,000 a month range. To afford that, your income should be about $40,000 a year.
"So there's a lot of people out there that don't have that income, and that's part of the problem we're facing," Halbach said.
However, he did say there's some positive news coming from local governments.
"There's more city councils, county boards, etc. saying 'yeah we should do something about that, and make sure that we are providing the range of housing,'" Halbach said.
While Plymouth has the highest average rent among suburbs, you'll find the lowest rent in Brooklyn Park. The median price for a two-bedroom apartment there is $920.
June 22, 2015