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- 🚀 Growth Momentum in Duluth, Minnesota
🚀 Growth Momentum in Duluth, Minnesota
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📈 Data Point
Multifamily Permits Drop Slightly Nationwide
According to the latest U.S. Census Bureau report, multifamily housing permits in June 2025 totaled 417,000 units (seasonally adjusted annual rate), reflecting a 5.1% drop from May. While construction activity remains stable, this suggests a cautious stance among developers in response to tighter lending conditions and higher material costs. Read more.
🧭 Market Watch
Growth Momentum in Duluth, Minnesota
Duluth is seeing renewed multifamily interest after a development moratorium expired and new tax incentives took effect. The city’s economic development authority credits these policy changes for spurring activity in central neighborhoods. Developers are now revisiting stalled projects, especially those focused on mixed-use and workforce housing.
🧾 Rule of the Day
Loss to Lease (LTL)
Loss to Lease measures the difference between market rent and the rent actually charged to tenants, often due to legacy leases.
Formula: (Market Rent – Actual Rent) × Number of Units
Example: If the market rent is $1,600, but a tenant pays $1,400, the loss to lease is $200. Across 10 similar units, that’s $2,000 in lost monthly income. For owners, tracking LTL helps identify value-add opportunities and plan for rent increases as leases renew.
🌱 Green Build
Designing for Sustainability Beyond the Unit
A new trend in sustainable design focuses on shared outdoor spaces that reduce energy use and boost livability. Developers are adding shaded courtyards, water-smart landscaping, and passive cooling structures to lower HVAC demand. These features are being adopted not just in office spaces but also in multifamily projects aiming for long-term utility savings. Know more.
🏘 Deal Radar
Bronx, NY This is a fully-leased property consisting of 10 units. Located in the Matt Haven neighborhood, this is a lucrative investment. | Philadelphia, PA This multifamily property has seven units on a single building with four stories. A corner property located in one of the Philly’s high-rental areas, this property can fetch steady returns. | St. Louis, MO This is a 28-unit apartment community located in Central West End, a growing community in St. Louis. |
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