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Minot’s apartment vacancy rate rises with oil slowdown

MINOT, N.D. — It’s getting easier to find an apartment in Minot these days.

The Minot Daily News reports that the city’s vacancy rate has risen from 4.9 percent in April to 10.8 percent in October.

Minot’s vacancy rate hit a low after the 2011 Souris River flood and the peak of the western oil boom, when it was hard to find a vacant apartment anywhere in the city.

Not all of the flooded rental housing was replaced, though many new apartments have since been built. Magic City Apartment Association Vice President Justin Hammer says numerous units are coming into the market at the same time as a downturn in the oil industry.

That means more vacancies. Some property companies are even offering special deals, like a month’s free rent.

In related news, Affordable housing lacking in Minot after 2011 flooding.

Information from: Minot Daily News, http://www.minotdailynews.com

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

4 comments

  1. Good… I told the natives it won’t last mkre than 5 yrs in 2011… They said I was a fool bc they were told it be this way for 50 yrs

  2. This is nowhere near the vavancy rates that I’ve been hearing.

  3. And this will continue until they lower the rates to some more reasonable! Price gouging is the reason nobody can afford to live here when times get tough and people have to resort to lesser paying jobs or unemployment. Affordable housing is the problem not that people don’t want to stay!