Zillow: Rental Prices Fall In Twin Cities

MINNEAPOLIS (WCCO) – The Twin Cities rental market continues to buck a national trend.

Zillow just released a new report for March. The website, which tracks real estate information, said nationwide home rental prices shot up 3.7 percent last month from a year ago.

Here in Minneapolis and St. Paul, rates dropped four-tenths of a percentage point. Chicago was the only other major metro to see rates fall.

The Twin Cities also saw rental rates drop in January.

When WCCO looked into it back then, the CEO of Renter's Warehouse said there are a lot of vacancies right now because of all the new apartments going up in both downtowns.

He thinks the trend of lower rents could hang around for the next two years.