Minneapolis residential development hits 10-year high

The city permitted 1,430 residential units in the third quarter of 2012, the highest number of net permits given in a single quarter in the past 10 years, according the Minneapolis Trends report released today.

The development has been primarily apartments, with 1,400 rental units either developed or converted from non-residential uses.

New construction accounted for 1,171 of the units in the third quarter, a huge jump from the third quarter of 2011, when 138 units were permitted. In fact, the city permitted more units from July through September than it did in the 12 months before that.\

In total, the city permitted 27 residential and commercial projects in the third quarter (July-September) of 2012, with the projects totaling $221 million.

The two largest projects permitted in the third quarter were the 204-unit Third North project in the North Loop and the 203-unit Bennett East Apartment in Uptown.

Meanwhile, the apartment vacancy rate remained low in the third quarter, with just 1.6 percent of units vacant citywide. Average rent in Minneapolis was $995.

View the full report here