- Created: Monday, 17 October 2016 06:56
- Written by Laura Proescholdt
Sold Out, a report released this month by MHP, analyzed more than 1,000 apartment property sales in the Twin Cities metro region over the past decade. One trend to emerge: higher income households are driving the rental market — putting many low- to moderate- income renters at risk of displacement. One such renter was Vicki Olson, who had to leave her apartment of 13 years when a new owner raised rents. Karlee Weinmann interviewed Olson for MHP’s report.
For Vicki Olson, the sale of her apartment complex to a new owner meant more than the loss of her longtime home.
After 13 years, she could no longer afford to live at Meadowbrook Manor in St. Louis Park, setting off a chain reaction that forced her to move into a new community, look for a new job, and rebuild her life at age 51.
Olson left Meadowbrook at the end of May, splitting time between her mother’s one-bedroom apartment in Fridley and her father’s house in Brooklyn Park until she finally found an apartment in Mound for a July move-in.
While the Mound apartment solved one problem, it opened another. It extended Olson’s commute to her call center job in Hopkins from three miles to 30 miles — too far, she said, to justify the trip for the long term.