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

Shortage in Housing Shifting to Surplus in Minot

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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.

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