In Chicago, there is a great inventory of multifamily properties. But we still have not been able to keep up with rental demand. The higher interest rates have kept some people from buying single-family homes.
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If You’re Hesitant To Hire A Broker For Your Multifamily Property Read This
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Rent growth seems likely to regain momentum as early as spring 2024, when the normal seasonal upturn in leasing velocity should coincide with obvious signs that today’s new supply excess is temporary. Price increases should then prove robust during 2025.
There is less buyer/seller disconnect in the marketplace as the frequency of interest rate hikes and the size of those hikes have decreased
Operational costs for apartment companies grew by 8.6 percent on average year-over-year in the second quarter of 2023
Dollar volume of sale leaseback deals rose 8.3% to $5.1 billion in the second quarter over the first, while the transaction count remained in line with 165 versus 173 in comparing the same two quarters
Market Trends
Office pain, multifamily gain: One million units built in three years, another million before 2025
Chicago had the 13th-highest number of new apartments completed in the last few years, adding 25,323 new apartments between 2020 and 2022.