Met Council data points to housing shortage for growing population

With fewer places to live, rents are skyrocketing

Laura Oakes
September 17, 2018 - 7:14 am
Housing in Twin Cities

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Lots of people, without enough places to live.

New data show there's not enough housing in the Twin Cities to keep up with the rate of population growth.

According to the Metropolitan Council, the shortfall is among the most dramatic in the US, both in the availability of single-family homes and rental units.

"I know that builders are trying to take advantage of the opportunities that exist, but our household growth is surpassing what they've been able to do," said Libby Starling, the Met Council's director of regional planning.

"This is something that we're trying to draw attention to, for the benefit of all ends of the market."
  
Starling said more housing is needed to keep rents and home prices affordable.

Figures from the Met Council gathered since 2010 show rents have increased three times faster than the normal rate of inflation.

That comes out to an average of $155 more per month.