Minot Apartment Boom | VideoRene Thibault | 3/14/2013
“We along with many other businesses and oil industry experienced phenomenal growth”, said Doug Pfau, a Property Supervisor for IMM.
Like the hotel industry, property management companies took full advantage of Minot`s growing economy. But did they build too much too fast? That answer seems to be no.
“I would say at this point I haven`t seen the demand really diminish. We still are renting apartments, instead of renting them in 10 minutes, they might go in a few hours or a day, but still, that demand is high,” said Jami Sison, the Regional Manager for IRET Properties.
“We do see continued growth in the apartment industry in Minot. All of our sources tell us that this growth will continue for another 40 years, possibly 50. But certainly 20 to 30 years,” added Pfau.
And it seems like every day there is a new apartment building going up. And that`s a good thing. Unlike the hotel industry, which saw a 20 percent decrease in occupancy rates in one year, Minot apartments are still 96 to 98 percent full.
“Not very long ago Minot had a 100 percent occupancy rate, that has softened up a little bit, down three or four percent in vacancy rates,” stated Pfau.
Whether it’s for oil, the military, or any other type of job, the numbers show people are still coming to Minot, looking for places to live.
“I would just say it’s exciting, there`s a lot of new construction that`s going up, there`s a lot of new stuff going in, so if people want those stainless steel appliances, or granite counter tops or underground parking or a pool, those are the kinds of buildings going up right now,” commented Sison.
While construction is going on at a rapid pace, the high demand for apartments will continue into the foreseeable future.