- Associated Press - Monday, November 23, 2015

MINOT, N.D. (AP) - It’s getting easier to find an apartment in Minot these days amid a slowdown in the oil industry.

The city’s vacancy rate has risen from 4.9 percent in April to 10.8 percent in October, according to the Magic City Apartment Association.

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 said numerous units are coming into the market at the same time as a downturn in the oil industry.

“That, obviously, takes time to absorb,” he told the Minot Daily News reports (https://bit.ly/1jfR4E3 ).

The vacancy rate tends to rise as winter approaches when people aren’t as likely to move, Hammer said. It was roughly 8.3 percent in January.

There are still people moving into Minot who need apartments, Hammer said, with Minot Air Force Base playing a major role. But there isn’t the same pressure to commit to apartments before they get snatched up, and there are more options than before.

Some property companies are even offering special deals to attract renters, like free rent for a month or free TVs.

“It’s forcing us to focus on our customer service,” Hammer said.


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

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