Why this is important
The rental market is an indicator of housing affordability in the county.What the data show
The chart below shows the average rent for 2-bedroom units in the five Dakota County Cities with the most population growth in 2012. Of these cities, the average 2-bedroom rent in Rosemount continues to decrease for the second year (decreased 9% or $86 in 2012, and 1.2% or $11 in 2013); however, the average 2-bedroom rent in Farmington increased by 8.4% (or $58) in 2013. The countywide average rent increase was 3.4% (or $32) in the same period. Since 2008, the county has seen a slight increase in rental costs; this may be affected by the declining vacancy rate (see Rental Vacancy measure), meaning more competition for the units. Increasing rent is not unique to Dakota County cities, it also occurred in other major cities (San Francisco, CA; Denver, CO; Seattle, WA) in the U.S.