Shortage in Housing Shifting to Surplus in Minot - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Shortage in Housing Shifting to Surplus in Minot

Posted: Updated:

It's an unfamiliar scene for the Minot community. What once used to be a shortage, has now become a surplus. Now, leasing signs can be seen all throughout the city.

One look around town and you can't help but notice all of the new apartments being built in the Magic City.

"We've seen some heavy traffic in the last couple of months," says Doug Pfau a IMM Property Supervisor.

Currently, there are about 8,000-10,000 apartments in Minot. During the first quarter of 2014, the Magic City Apartment Association reported a five percent vacancy rate, but Pfau says inventory has already started to shift.

"That percentage has dropped considerably, so there's less units on the market right now compared to what there were," says Pfau.

“I definitely think our business has changed. We used to be taking calls saying we don’t have anything available. Now, we do have apartments available, and we’re showing more apartments and I absolutely think it has to go with what you are giving, you know, or what are you offering me. That’s one of the number one questions from people looking for an apartment,” says Jami Sison a IRET regional manager.

While property management companies aren't filling vacancies in just a few hours, there's still a demand for apartments.

"We not only want to turn an apartment around as quickly as we can for the owners, but we want to do it for the tenants coming in and we've see a lot of the new tenants for the most part need an apartment right away," says Pfau.

While there's a lot of competition right now, property management companies say it's a good thing for the future of Minot.

On average, it takes about a week to lease an apartment to a tenant in Minot.

  • Latest NewsMore>>

  • Heitkamp Holds Flood Protection Meeting

    Heitkamp Holds Flood Protection Meeting

    Tuesday, August 19 2014 11:54 PM EDT2014-08-20 03:54:02 GMT
     Senator Heitkamp and Colonel Daniel Koprowski, one of the heads of the Army Corps of Engineers, met with area leaders for an update the progress of current projects and plans for permanent flood protection for the entire region.
     Senator Heitkamp and Colonel Daniel Koprowski, one of the heads of the Army Corps of Engineers, met with area leaders for an update the progress of current projects and plans for permanent flood protection for the entire region.
  • Department of Energy is Optimistic of US Wind Energy Future

    Department of Energy is Optimistic of US Wind Energy Future

    Tuesday, August 19 2014 11:50 PM EDT2014-08-20 03:50:32 GMT
    Twenty percent of the country's electricity will come from wind generation by the year 2030 according to a projection from the Department of Energy.
    Twenty percent of the country's electricity will come from wind generation by the year 2030 according to a projection from the Department of Energy.
  • Talent Specialists Help Keep Bismarck Hospital Staffed

    Talent Specialists Help Keep Bismarck Hospital Staffed

    Tuesday, August 19 2014 11:42 PM EDT2014-08-20 03:42:42 GMT
    If you're not familiar with HR lingo, a Talent Acquisition Specialist is someone who's hired by the hospital to recruit employees. And now, they're on the hunt for nurses.
    If you're not familiar with HR lingo, a Talent Acquisition Specialist is someone who's hired by the hospital to recruit employees. And now, they're on the hunt for nurses.
Powered by WorldNow
    Powered by WorldNow
    All content © Copyright 2000 - 2014 Worldnow and KFYR. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.