Rental crisis? Report details increasing sales of rental buildings in the Twin Cities

Ribbon cutting
St. Paul mayor Chris Coleman cut the ribbon to officially open the Penfield Apartments on 10th Street in downtown St. Paul on Thursday, Feb. 6, 2014.
Tim Nelson / MPR News

The Minnesota Housing Partnership released a report that shows Twin Cities residents are "cashing in" on rising property markets.

First time buyers are snatching up apartment units and in doing so have put a strain on the rental market. With few rental properties to choose from, tenants are now forced to either pay more for rent, or move farther out of the city.

The question is, is the booming housing market really responsible for the rental crisis? Chip Halbach, executive director of the Minnesota Housing Partnership, discussed his report, "Sold Out," which analyzed data of 1,000 apartment property sales in the Twin Cities region over the past decade.

He was joined by Bernard Campbell, a former tenant at Crossroads apartments in Richfield, who talked about his personal experience of being forced to move due to increasing rents.

To hear the entire conversation, select the audio link above.

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