Despite ongoing efforts to address the nation’s workforce housing crisis, it remains a critical issue in 2019, leading to a renewed push for rent control.
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Rent Control reduces the supply of rental units, increases prices for properties not covered and prevents those most in need from benefiting.
Multifamily developers don’t know what to expect when it comes to budgeting for materials prices. Apartment developers continue to be stressed by the unpredictable cost of construction materials.
A construction wave was supposed to test the downtown market this year, with competition from 4,400 new apartments—an annual record—hampering landlords’ ability to keep hiking rents and possibly even pushing rents down. Overbuilding often ends real estate booms, and the risk of that happening in Chicago seemed to be growing at the end of last year.
Marcus and Millichap closes more real estate investment sales than any other brokerage firm—over 60% of which involve a 1031 Exchange. Our leading market position, coupled with extensive investor relationships, gives us access to the largest pool of qualified buyers, including exchange buyers.
In the current cycle, property fundamentals are strong enough to withstand a shock to the system. Even if there is an economic downturn in the near future, the apartment sector is likely to hold up, according to industry experts.