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Rentals Booming in Mankato Area

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MANKATO, Minn. -

The Mankato area is in the midst of a boom of new rental properties, seeing more than six hundred new units being built since last year.
The rapid expansion derives from a housing study which found that Mankato has a rental vacancy of 1.7%.

That points to high demand, and with it, higher prices, which the new construction should help alleviate. 
Paul Vogel, director of Mankato community development says, "It was estimated that between 700 and 800 units in the next five years could be absorbed into the market."
Mankato developer Mike Drummer says, "The demand is incredible. We're finding that in some of the other projects that we can't build them fast enough. This here has units that will be rented all on the same day because of the type of building it is. We have a 30 or 40 person waiting list.
Housing is an issue throughout the area. A similar study done in St. Peter found a vacancy level of only 0.7%.