Renters everywhere are looking for more balance in their lives and in their homes. And renters in the Midwest are no exception, according to findings from the 2023 NMHC and Grace Hill Renter Preferences Survey Report, a national report that includes responses from renters in 11 major Midwest markets.
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In 2023, U.S. multifamily and industrial sectors shifted, with decreased demand impacting absorption and vacancy rates, while office space hit record high vacancies amidst evolving work models. Retail faced stagnation; yet, overall CRE markets suggested opportunities amidst economic rebalancing.
Even as sales improve, rate cuts won’t paper over all of the issues that emerged during the past two years, leaving some types of properties primed for sales. Here are four things buyers and sellers can look for in the coming year.
Explore key trends in Chicago’s rental market from our January 2024 Rent Report. See how median rents are shifting.
The January 2024 Rent Report uncovers the latest in rent growth, market shifts, and vacancy rates. Discover essential market insights today!
The 2024 multifamily market is generating optimism, with the Federal Housing Finance Agency (FHFA), Federal Reserve, and Freddie Mac indicating a potential increase in transaction volume after a sluggish 2023.