Here’s the latest real estate news around Minnesota of interest to property buyers, home sellers, renters, landlords, property managers and the generally home-curious.
What apartment bubble? It’s actually getting harder to find rental units in the Twin Cities. Thousands of units have come online in the downtowns, Uptown, near the University of Minnesota and throughout the suburbs — and construction cranes are everywhere. There has been talk for months of an apartment bubble or glut. Despite that, it’s getting harder to find an apartment.
Across America: Is the great renter boom over? The twelve-year renting explosion may have come to an end. According to a new report from the Harvard Joint Center for Housing Studies, the number and share of Americans who rent their homes have appeared to decline in 2017 for the first time since 2004. Sick of renters or repairs? Get an offer on your home from us instead. Call us 612-470-3789 or click here.
While in Minnesota, homelessness jumped 4.5 percent in 2017, HUD reports. While many communities across the nation saw a decline or no change, the total homeless population in the state rose to 7,668.
Does my landlord have the right to collect rent even though he is unlicensed and we are being forced to move out? Most Minnesota cities, including Minneapolis, require that landlords be licensed. City ordinances regarding licensing, and the outcome of not paying rent when a landlord isn’t licensed, are different depending on where you live. Some Minnesota cities consider it a criminal act for a landlord not to have a rental license and may grant a refund of all your rent paid. However, a landlord may argue the tenant received some benefit by living in the unit and should have to pay something
Here’s our top tip of the week: Can you negotiate new mortgage terms after a homeowner dies? You become the sole owner of the property automatically as a function of being joint tenants with rights of survivorship once the original homeowner passed away. The lender will insist on receiving full payment of the balance that is still owed on the loan. If the home is worth three times what is owed on the loan, the lender has the ability to wait until the home is sold to get paid or to foreclose on the home if you fail to make the payments on the loan.