The cost of residential rents has climbed 3.5% since June of last year, reports the Star Tribune (“From rents to haircuts, an unfamiliar trend is emerging for US consumers: price increases,” August 1). It is the fifth straight month with an annual gain of that size, and at the fastest yearly pace in six years. The rising cost of rent is considered the biggest driver of inflation, and apartment vacancy rates being at the lowest levels in 25 years is the biggest driver of rising rent costs.
Business and Development News
The City of Saint Paul has solicited proposals from consultants to assist with the development of the Ford Motor Co. site in Highland Park. According to the Minneapolis/St. Paul Business Journal, two firms have stepped up to assist: Abramson and Associates, and RTKL Associates Inc. “St. Paul hopes to create a ‘world-class connected, livable, and green’ project on the site, according to the city’s request. It also wants a ‘net zero’ energy site with green space and green connections; a mixture of uses including a robust jobs component; and a design that encourages biking, walking, and transit to reduce vehicle traffic” (Two companies respond to assist St. Paul with Ford site, August 3). Ford will select the master developer, expected this fall.