Many people today express the idea that the free market doesn’t work the way that it should. Those people should have a look at the Minot apartment rental market. In the absence of the heavy hand of government, it’s a good example to use to demonstrate how markets work for young people. After all, it’s academia that often decries most the free market rules of supply and demand, so one has to wonder if it’s being taught at all these days, and if so, how it is being taught.

A year ago, rental rates were considerably higher than they are now as much as 30, 40 percent or more. The Bakken-driven boom had previously driven rental rates up because of demand far exceeding supply. Even as the population and thus demand began to shrink, rates remained high as management companies sought to squeeze every dime out of the boom time.

The population finally dropped to the point where supply exceeded demand and prices have dropped since. Rental communities have subsequently had to offer incentives, add amenities and invest in marketing because renters now have far more options than they did in the past few years. It’s been increasingly a renter’s market.

Students who aren’t familiar with how free market economics works should pay close attention to how the rental market here has changed. In some places, things like rent control and massive government housing programs taint the free market. Here, the relationship is closer to pure supply and demand.

The free market might not be perfect, but it’s easy to understand and no one has invented anything superior yet. Hopefully, young people will come to this realization with or without academic guidance.