Highlights of Marcus & Millichap’s Minneapolis-St. Paul Apartment Research Report:

• Led by gains in the education and health services sector, metro payrolls are expected to increase 1.3 percent in 2010 with the creation of 22,000 positions.

• Developers are slated to complete nearly 480 apartment units this year, a 0.3 percent inventory expansion. In 2009, roughly 545 units came online.

• Metrowide vacancy is forecast to end 2010 at 5 percent, a 10 basis point improvement from last year.

• Owners will continue to reduce asking rents to maintain occupancy levels while keeping concessions relatively modest. Asking rents are expected to fall 2.3 percent this year to $908 per month, and effective rents are projected to dip 2 percent to $854 per month.

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