By Karson Sorby
With the diverse cultures and incomes throughout the Fargo-Moorhead community, it’s only fair that the housing opportunities be equally as diverse. Throughout the combined area, there are various options for apartments, ranging from campus living to single-family starter townhomes.
But as the Fargo-Moorhead area becomes a hot spot for young families to settle down, the need for apartments and townhomes increases. The growing community has created need for buildings such as the Nue32 apartment complex, located at the intersection of 45th Street and 32nd Avenue South in Fargo. “Supply has recently outpaced demand for apartments, so we offer concessions (like free rent) which is pretty standard right now,” Nue32’s apartment representative said. “We haven’t had to adjust our rental rates though.”
As far as options close to campuses throughout the area, there are plenty of affordable options for students—ranging from buildings such as Bison Block (which starts at $425 per month) and Dakota Drive (starting at $315 per month) to U32 Apartments (which starts at $655 per month). Despite the competitive nature of places to live near campuses throughout the area, Bison Block landlord and owner Roger Gilbertson knows what it takes in order to stay on top of the competition. “Each area in the Fargo-Moorhead area has varying degrees of vacancy rates,” he explained. “In general, vacancy rates have gone up the last couple of years. When the apartments get higher in pricing, it usually becomes more competitive.”
Off of campus, the quality of the building is often even higher than student housing. The growing community has created need for buildings such as Nue32 Apartments (starting at $1,010 per month) or the Shadow Crest Townhomes (starting at $1,050 per month), both built within the past two years. Offering varying amenities and locations, each building provides something different. “At Nue32, each building has a pet washing station, real granite countertops, subway tile backsplash, dark wood laminate floors, touchscreen fireplaces, stainless steel appliances, and the option for mocha or white cabinets in the kitchen,” Nue32 representatives explained. “There is also a fitness room in the 3rd and 4th building that residents have access to.” Though the amenities vary, price from complex to complex tends to remain the same from year to year.
According to economist Katherine Auchter, rent in the area has been rising on average at 2% per year since 2011. With all the different locations and buildings to choose from throughout the Fargo-Moorhead, it is likely that prices will continue their gradual climb.
Though the Fargo-Moorhead area offers plenty of affordable apartments and beginner townhomes, there are some residents that are looking beyond. According to the Bismarck Tribune’s recent article by John Hageman, many people are finding it difficult to move from renting an apartment to purchasing a home. This article discussed the difficulties that come with student loans, which many young people are struggling to tackle as well as the lack of homes to purchase, which in result increases the price of available homes. Dan Linquist, the president of the North Dakota Association of Builders in Fargo, who was interviewed for said article, discussed the lack of affordable homes in the area: “Affordability is definitely an issue. It all just adds up.”
Despite the positive aspects that come along with a growing population, such as added diversity or a boosted economy, there are growing pains that come along with an expanding community.
Comments