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.
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Continue readingA 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.
Rising interest rates, a possible slowdown in new construction likely to keep apartment occupancies stable and rents growing.
Marcus & Millichap forecasts new apartment development will reach a cyclical high this year, with about 9,500 completions in the metro area. The city will receive more than half of the new rentals. Developers finished about 9,200 units last year.