In the Minneapolis multifamily market, you need to be as creative as its people
If you have never been to the Twin Cities, you might have the impression that the area is ensconced in snow and ice for most of the year, but there is so much more to this vibrant and rich metropolis. Below are just a few highlights of the Minneapolis multifamily market and the city’s culture:
So darn nice, dontcha know
While it may be a TV and movie stereotype, Minnesotans’ reputation for niceness really rings true. In fact, the city ranks second in the country for volunteerism. Volunteers in the Twin Cities contributed $3.3 billion worth of services in 2015. More than 36 percent of residents age 16 and older volunteer here.
Beyond that commitment to their community, there is just a friendly atmosphere in Minneapolis that helps put you at ease. It’s a place that says “Come on in, pull up a chair and stay awhile.” And people do.
A lot of cities boast about their arts and culture scene, but in Minneapolis, creativity is simply woven into everyday life. Yes, there are incredible museums and galleries, but you are just as likely to run into random acts of creativity all over the city. From innovative restaurants to music to unique art projects (check out this story about the city’s forest twig artist), residents like to express and create. For obvious reasons, we adore that about this town.
You probably know that Prince hailed from Minneapolis, and the city is also home to the Minnesota Fringe Festival, a showcase of all variety of performance art.
Minnesota and Wisconsin have become the United States’ little Scandinavia because a large number of Swedes, Norwegians and others from that region settled there. However, Minneapolis draws people from all backgrounds, and the city is known for its growing cultural diversity. More than 23 percent of residents come from ethnically diverse backgrounds. The city also hosts the largest event on workplace diversity each year.
Bottom line, Minneapolis has the jobs and the opportunities people want, plus the culture and quality of life to lure transplants to the city. Sixteen Fortune 500 companies have offices in the city, and the median household income in the Twin Cities is $68,019.
What it means for multifamily
Vacancy rates recently hit a 15-year low in Minneapolis – an impressive 2 percent – and that’s even accounting for the new apartment communities that hit the market late last year. The city has a low, 4 percent unemployment rate. With jobs available, people are moving to the area and rental demand is high.
For existing Minneapolis multifamily properties trying to compete with new builds, marketing will be key to attracting renters. In some cases, a website refresh and some new marketing materials will do the trick. For many, though, a complete rebrand is in order. Your Minneapolis multifamily property should reflect the vibrancy, creativity and diversity of the city your residents call home.
We were pleased to develop the name and identity for a new multifamily community in Minneapolis, Latitude 45 (L45 for short). This property transformed an old parking lot into a premier rental destination in the city.
To learn more about how we help multifamily properties develop fresh, 21st century brands and marketing materials, contact us today.