Americans are on the move, and those moves are affecting rent prices in Illinois and around the country.

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Apartment demand rebounded in the nation’s gateway markets in the 2nd quarter, after fundamentals in these regions suffered throughout much of the past year.

History tells us that during recessions, multifamily housing production contracts moderately, rent declines are short-lived, and vacancies only increase briefly and by modest amounts.

Right now, bigger isn’t necessarily better in net lease. During a COVID flight to safety, investors stayed away from portfolios. Those transactions decreased from 18% in the first quarter of 2020 to approximately 14.5% in the first quarter of this year, according to Marcus & Millichap.

Cap rates are facing significant downward pressure for many types of commercial real estate from apartments to self-storage facilities to hotels and industrial properties