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Minneapolis City Council Overhauls Tenant Screening Criteria, Caps Security Deposits in Newly-Passed Amendment

On September 13, the Minneapolis City Council approved changes to local housing law in what has become known as the Renter’s Protection Ordinance. Actually an amendment to existing code, this multifaceted piece of legislation marks a significant departure from the status quo, particularly when it comes to how landlords screen potential tenants.

Owners of buildings with 15 or more units must comply with the new policy starting in June of 2020, while owners of smaller properties have until December 2020. Below, we will dive into the specifics of the ordinance and summarize the key points you need to know to be ready when it goes into effect.

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Dealing With Ice Dams

Ice dams – a phrase that should strike fear into any Twin Cities property owner’s heart, particularly as fall begins, heralding the return of cold weather. When ice dams form, they create a great annoyance to tenants and are expensive to remove, to say nothing of the cost to repair water damage inside the home.  To make matters worse, removing ice dams only treats the symptom.  Attempting to treat the root problem requires preventative measures.

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Blockchain and the Future of Real Estate

Ever since Bitcoin hit the market in 2009, the media have been buzzing about blockchain, the concept that made cryptocurrency possible. A glance over the tech headlines yields copious, often breathless speculation on its potential to revolutionize the way we do, well, anything and everything—and the real estate industry hasn’t been immune to its siren song. For as much as blockchain is discussed, however, it is still little understood, and the hype swirling around it is apt to leave lay people scratching their heads over exactly what it is, how it works and whether it can deliver on tech gurus’ lofty promises.

What Is Blockchain?

Before delving into blockchain’s potential applications in the real estate world, it’s worth going back to the basics. At its core, a blockchain is simply a way of recording a series of transactions, but it differs from your typical ledger is in howthat information is stored, as well as where.

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Minneapolis, St. Paul and St. Louis Park Encourage Landlords to Keep Housing Affordable with New 4d Incentive Programs 

            2018 was another banner year for Twin Cities real estate, with home prices hitting record highs and demand for housing continuing to dwarf supply. As we near the end of the 2010s, the market shows few signs of cooling. While local property owners stand to profit from the ongoing boom, lower-income residents worry that they will be priced out of their neighborhoods due to rising rents, or displaced as older buildings make way for luxury developments.

            Local officials have been hard at work crafting legislative solutions to the increasingly urgent housing crisis. One of the latest and most promising initiatives, spearheaded by Minneapolis Mayor Jacob Frey, aims to incentivize landlords to keep rents low by encouraging their enrollment in an existing statewide program that reduces taxes on affordable properties that meet certain criteria. This April, following the success of a 2018 pilot that was limited to 300 units, Frey and the Minneapolis City Council made these incentives permanent, while expanding the program to include more landlords and properties.
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With Affordable Housing in Short Supply, Twin Cities Lawmakers Look to Pre-Existing Properties for a Solution

 

            The latter half of the 2010s has been an era of rapid expansion for the Twin Cities rental industry. Over the last several years, developers have rushed in to meet the housing needs of a steadily rising population, transforming the faces of our cities and suburbs alike with high-rise apartment buildings, condominiums and other new multifamily properties. Demand, however, continues to outpace supply, leading to high selling prices and rents.

            The ongoing boom is great news, of course, for property owners and sellers—but this apparent blessing creates challenges for many renters, who have found themselves forced to relocate to make way for renovations and new developments, and priced out of the neighborhoods they’ve long called home.

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Minneapolis Rolls Out New Fee Schedule for Rental Property Licenses

 

For the first time since 2012, the City of Minneapolis has increased fees for the licensing of local rental properties. Passed at the City Council’s meeting on Friday, August 3, the new fee schedule went into effect on January 1, 2019.

In addition, the City of Minneapolis has announced that it will be shifting from the previous licensing fee billing period, which ran from September 1 to August 31, to a new March 1 to February 28 schedule. To ease the transition to the new billing period, which will take full effect in March of 2020, the 2019 bill will be issued in two parts. The first bill, which landlords are slated to receive this month, will reflect the fees owed for January 1 to August 31, 2019 under the new rates, and will also include updated tier ratings for the rental properties in question. The second bill, scheduled to arrive in July 2019, will cover the period of September 1, 2019 to February 28, 2020. The two bills will come due, respectively, on March 1 and August 31 of this year.

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Maximize Your Curb Appeal

Four Key Tips on Maximizing Your Property’s Curb Appeal

We’ve all heard the maxim, “Never judge a book by its cover,” but if we’re honest with ourselves, we rarely follow that advice. It’s human nature to notice a novel decked out in eye-catching art before a drab or ugly one, and a paperback sporting an unsightly tear inevitably sits on the shelf far longer than the pristine copies surrounding it, unless sold at a steep discount.

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Guardian Property Top 100 Best Companies to Work

Guardian Property Management Selected by Minnesota Business Magazine as One of the “100 Best Companies to Work For” in MN

Minneapolis, Minnesota – Guardian Property Management is proud to announce that it has been selected as one of Minnesota Business magazine’s “100 Best Companies to Work For” in 2018. This marks Guardian’s second consecutive appearance on the list, following its debut in 2017.
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New Section 8 Discrimination Law in Minneapolis

Minneapolis Prepares to Roll Out Legislation Prohibiting Discrimination Against Section 8 Applicants: What Landlords Need to Know, and How Guardian Property Management Can Help

To paraphrase one of the North Star State’s most famous natives, the times are a-changing in Minneapolis, and the particular changes afoot have key ramifications for local landlords.
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