Preliminary data shows a 440-basis-point annual drop in vacancy within Chicago proper at the end of March. Competition for units here is likely to result in sharp rent climbs this year, especially in locales like Lincoln Park, Ukrainian Village, and Andersonville.
The sequence of rate hikes decay housing affordability. In late July, the Federal Reserve again lifted the overnight rate by 75 basis points to a target range of 2.25 to 2.50 percent. This will likely apply additional upward pressure to mortgage rates, with the 30-year fixed rate already climbing more than 200 basis pointsRead more
Inflation risk and recession fears have many debt providers tightening or closing up. At the same time, we have a negative leverage issue with note rates catching up to, and in some cases surpassing, cap rates which have been trending down for some time. Fewer deals seem to pencil in as interest rates surpass investment returns. As a result, the market is in a period of transition.
Market Trends
eXp Commercial Expands Research and Analytics Capabilities With Addition of Economist KC Conway
eXp Commercial, the commercial real estate division of eXp World Holdings (Nasdaq: EXPI), today announced that KC Conway, founder, and president of Red Shoe Economics, will serve as an economic advisor, adding to the company’s research, data and analytics capabilities.
eXp Commercial is hosting the Commercial Real Estate Symposium on September 19-20 2022! Register now to reserve your seat.
Hear from the industry’s top leaders, national economists, and thriving entrepreneurs on the future of the commercial real estate.
Dates: September 19-20, 2022
Apartment rents across the U.S. are surging in almost 400 cities, with the average price for a 1-bedroom having shot up more than 25% since June 2021, according to Rent.com. The typical cost for a two-bedroom unit is up 26.5% over that period.