Marcus & Millichap has announced the sale of a 24-unit apartment property located in Aurora, Ill. Randolph Taylor, an Associate, in Marcus & Millichap’s Chicago Oak Brook office, exclusively marketed the property on behalf of the local seller and also represented the 1031 exchange buyer.
by Randolph TaylorDemand is strong across the metro, as Millennials continue to move into well-located, modern apartments, pushing rent growth to its highest rate in two years.
by Randolph Taylor
Tight labor market curbs job creation. The U.S. economy added 20,000 jobs in February, the lowest monthly total since September 2017. While the partial government shutdown and winter storms contributed to last month’s meager showing, the pace of hiring should recover in March.
by Randolph TaylorDespite ongoing efforts to address the nation’s workforce housing crisis, it remains a critical issue in 2019, leading to a renewed push for rent control.
by Randolph TaylorMultifamily developers don’t know what to expect when it comes to budgeting for materials prices. Apartment developers continue to be stressed by the unpredictable cost of construction materials.
by Randolph TaylorA construction wave was supposed to test the downtown market this year, with competition from 4,400 new apartments—an annual record—hampering landlords’ ability to keep hiking rents and possibly even pushing rents down. Overbuilding often ends real estate booms, and the risk of that happening in Chicago seemed to be growing at the end of last year.
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