Report: Mankato Has Plenty Of Housing, But The Rent Is Still Too High
In the past decade, Mankato developed a big problem when it came to rental properties. There wasn't enough. A vacancy rate hovering around zero.
So developers began to build. And build big.
Now a new assessment of the city's housing situation says that once all those new units come on line, the vacancy rate could get as high as 8%.
Though those extra units are on the pricier side of things.
Mankato Housing Coordinator Patti Ziegler says, "We might have enough housing units, but whether people can afford those units is another question. We do have a lot of construction being built. A lot of it is targeted toward students or to young professionals. We still see a need for affordable housing for working families."
The hope is that once there's a glut of housing available, prices will have to go down on the lower end to compete with the newer units.
Ziegler says, "We're happy that new construction is occurring. We are greatly aware that a lot of the working families may still have to travel a little but out of town to find affordable housing because we don't have enough of it here. We know that and we're looking to see what impact the new construction will have on the older housing stock and if that will then become more affordable housing."
The cheaper the better.
-- KEYC News 12.