St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-12
CHANCE FOR CAPITAL.
A Dearth Of Houses Renting
at From $25 to $30a
Month.
Fine Dwellings and Fancy
Apartments a Drug on
the Market.
Supervising Architect Ed
brooke Makes Important
Propositions.
With Additional Land He Can
Erect a Finer Post
Office.
What are rents doing?

What are rents doing?
A year ago, as everybody knows, was
the time of the greatest depression
throughout the country. which was par
ticularly felt about the active and ener-
getic Northwest. keenly sensitive to the
slightest check to its onward progress.
At that time there was a general
falling off in rentals of nearly
an average of % per cent all
around. 1t was believed at that period
that the standard. of rental values had
been too high particularly for dwell
ings-and suited only to the flush times
of the center OF the last decade, and
that the falling off would bring them to
practical basis. Dwelling house rentals
were then about % per cent higher in
st. Paul than in Minneapolis, and
the decline brought them to nearly
the same footing until a SIM
liar decline in the Flour City
established new discrepancy. At the
time OF the decline last fall there was
absolutely no demand tor houses. Since
then the situation has considerably
changed, and in changing has viSibly i'm
proved. Rentals have remained about
stationary. but the demand has increased
very nOticeably. At the present time,
just one year from the change, the
situation is about as follows:
There has been no increase i'll rental
values, except in isolated cases. and
they may be called firm. The demand
for eligible houses has very materially
increased, and home-SeekerS are inQuir-
ing for little better grade Of houses
M Loot of
tidence in better times. A large portion
of the demand comes from new people
arriving in the city. which is condition
entirely absent last year. and is one Of
the most hopeful signs Of the times.
Dealers agree that. after the present
magnificent crops are marketed, there
will be marked increase in their line,
and that vacant houses i'll St. Paul will
be few and far between. Speaking of
the situation yesterday. J. W. Taylor
said:
sit is very easy to notice the improve
ment over both spring and last tall, and
the rental business is picking up. We
are not only gradually filling up the
vacant houses, but at the same time
Overtaking the building of the year,
The demand for stores has improved i'll
the same proportion, with prices about
stationary. | do not believe there will
be any change of values this year, or
until the demand overtakeS the supply,
which l expect when the revival of good
times has fairly set in. The confidence
in good times is spreading rapidly, and
we will get its full effect next spring"
what class OF dwellings is in great
est demand?"
People who last spring wanted
houses for about $50 are now asking for
something better, say $50, and want
them eligibly located on the hill. They
seem to feel better able to live in a $50
house now than in a S35 house last
spring. But what we want is large
number of good houses that will rent
for S25 and not be too far out. Builders
are inclined to put up too good and too
large houses. We have a sufficiency of
that class and feel the need of some
thing good. not too far out, and suitable
for small families. [ could rent hun
dred such this week without difficulty"
This phase is not new one. by any
means; nor is it easy of solution.
Builders find difficulty IN constructing
houses of that class, in inside territory,
that will bring fair return on the In
vestment, ahd prefer Increasing the in
vestment with the idea of receiving a
return diSpropOrtionately large. The
improved means of transit by electricity
have partially annihiiated distance, and
it is possible that hereafter builders
may be enabled to construct handsome
tenement blocks, not too far from the
business center, that may be rented at a
profit for All average OF S25 per month.
Every rental agent is of the same
opinion concerning the desirability of
cheap, good homes, and there is an alb
solute certainty that such houses would
never go begging for reliable tenants.
Too much OF the building for rental
purposes has run to fine dwellings and
fancy apartment and fiat buildings,
and the money of the near future Will
be realized in blocks of good, substantial
tenements that will rent readily at not
to exceed S25 or $50 per month.