February Market Report

Hey there, it’s your friendly Realtor-Next-Door! I just wanted to share how excited I am for this month’s blog entry and the change it could inspire in all of us. You know, it isn’t every day that we get a chance to dive into local politics and truly make a difference. By immersing ourselves in the campaigns of our city council candidates and the wider context of our city’s growth, we can all contribute to shaping a better future for our community. When we unite and weave our understanding of various aspects, it’s stunning how transformative these opportunities can be. So, let’s get involved and be part of the solution together—it’s time to ignite that spark and make our voices heard!

Just the other day, I was at the Minneapolis Area Association of Realtor’s Ward 7 discussion, and we had this amazing guest speaker from the Kingfield Neighborhood Association. You wouldn’t believe what I learned about how much these neighborhood associations actually do for us! Did you know they’re the ones keeping us informed about all the latest happenings around town and making sure the city tackles issues that really matter to us? But sadly, it turns out these associations aren’t getting the resources they need to keep doing their good work. Honestly, it’s these dedicated volunteers that keep us all connected and build a strong sense of community in the neighborhood. When I found this out, I couldn’t help but think that we need to shine a light on the vital role they play in our lives. So, as a new resident in the Lake of the Isles, I’m all fired up to spread the news and make sure these amazing people continue to get the support they deserve! Let’s help our neighborhood associations thrive and keep our community strong.

Have you bought an investment property in Minneapolis or are you considering taking the plunge? If so, I’ve got some news that might interest you. There’s currently a proposed ordinance that could affect your ability to increase rent on your property, so stay informed! A “Rent Stabilization Work Group” made up of 25 members came together to discuss the matter, and over half of them (56%, to be exact) voted in favor of these rent-stabilizing measures (see below). Be sure to check out the link below to find out who’s part of this group making decisions that could impact your investments. It’s always good to know what’s happening in your city, especially when it involves your hard-earned assets. Keep an eye on this ordinance and stay informed, my friend!

• 3% Cap on Rent Increases

• No Consumer Price Index

• Vacancy Control (No rents increases between tenancies)

• No Exemptions

• Exceptions for “substantial improvement”

• City Certification required

• New rent board created

Resources:

Minneapolis Work Group

Rent Stabilization Study by University of Minnesota