Low Vacancy Rates Could Mean More Housing Needed in Faribault
How would you feel if Faribault developed more housing? What about the possibility of the population of Faribault increasing?
According to a preliminary Rice County housing study, Faribault has a very low housing vacancy rate. The vacancy rate is sitting at 6%, with the average vacancy rate for Rice County towns being 8%.
This means that if people continue to want to move to Faribault there may not be enough housing options. This means there is the possibility of continued housing growth in town.
Over the past 5 years, there has been a good amount of growth in the development of housing Faribault. And if these numbers produced by the preliminary Rice County housing study turn out to be true, the demand for more housing will continue to rise.
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