Market Trends

The number of Chicago-area renters earning $75,000 or more rose 38.8% between 2010 and 2018, says a national report from the Harvard Joint Center for Housing Studies.

New development is expected to exceed anticipated demand for the first time in years. Wage growth does not seem to be keeping pace with rental price increases and certainly, rent control measures could significantly impact investment – especially in the value-add segment of the market.

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Leasing activity sustains momentum, supported by record low unemployment. Low interest rates and strong performance trends support investment activity, but investor caution remains elevated.

Lower interest rates are helping offset rising labor and materials costs and helping sustain apartment construction levels.

The U.S. economy remains in expansion, growing by 2.1 percent in the third quarter as the nation’s economic momentum continues to surmount barriers to growth.