A large percentage of these newly formed households will have a high propensity to rent and be drawn to Class B and C apartments. The expanding demand for Class B and Class C properties will keep their vacancy rates tight and uphold rent growth that has outpaced Class A properties, which are contending with elevated supply additions.
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Rent control policies are laws that cap rents and are usually implemented with the stated purpose of improving housing affordability. In fact, they may do just the opposite, according to an in-depth review of academic research on the issue conducted by Dr. Lisa Sturtevant.
Whether they sold or refinanced, many owners of Chicago commercial real estate took advantage last year of prices that surpassed their pre-recession peaks. But their joyride may be slowing down.
Marcus & Millichap’s unparalleled reach gives our clients direct access to this growing buyer pool of foreign investors. Our firm attends conferences worldwide making strategic visits to cultivate important global relationships.
The 10-year Treasury inched past 3 percent, drawing concerns from some investors. Strong economic momentum, however, reiterates the health of the current economic cycle which bodes well for all sectors of commercial real estate.
Underlying demand for apartments remains strong as a robust labor market and positive demographic trends support healthy unit absorption, despite mounting supply pressure. Moving forward, modest performance gains are expected on the national level as the market continues to digest the aggressive development pipeline.