Where Cheapo Records once stood in Uptown, small apartments costing around $1,500 per month now call out to prospective tenants.
Revel Apartments, "located at the nexus of urban luxury and contemporary comfort" on Lake Street, will welcome residents at the start of the month. Inside the 125-unit building, "alcove" apartments, no larger than 570 square feet, rent for as much as $1,695 per month. A two-bedroom, 1,300-square-foot flat, the complex's largest, will come with $4,500 monthly rental.
According to a recent Southwest Journal article, Revel is already 42 percent leased.
If you build it they will come, but that doesn't mean all of the renters can afford it.
According to a recent report by Abodo, housing costs devour at least 30 percent of the income of about 21 million renters in America. The latter figure represents about half of the nation's renters.
Abodo analyzed U.S. Census data for its study. Broken down by generation, Abodo, it shows that about 47 percent of Millennial renters face a housing cost burden. For Baby Boomers, the millstone is heavier at 49 percent. The least rental-oppressed are Gen Xers, according to Abodo, at 44 percent.
Locally, Millenials are faring slightly better, and the Baby Boomer generation is faring slightly worse.
"At a city level," says Abodo spokesperson Sam Radbil, "we found that in Minneapolis more than 40.1 percent of Millennials are spending at least 30 percent of their income on rent. And 44.6 percent of Gen Xers and 50.1 percent of Baby Boomers are doing the same."
Believe it or not, the percentage for Millennials is actually "a pretty good sign for the city," according to Radbil. With about 40 percent of its Millennials spending 30 percent on rent, Minneapolis ranks 94th (out of 100) among the most cost-burdened cities for that age cohort.
The website's study could not come at a more important time. Minneapolis city staff recently released its own report on housing stability in Minnesota's largest city. The stats show if Minneapolis isn't already in an affordable housing crisis, then it's on the cusp of one.
The city report agrees with Abodo's figures: Nearly half of all Minneapolis rental households are cost burdened. But it gets worse. Of the almost 50 percent that are cost burdened, "the majority are severely cost burdened," the report reads, meaning 50 percent or more of household income is spent on housing.
The report adds, "Renters represent about 3 out of 4 cost burdened and severely cost burdened households."
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