Market Trends

Although rent growth has cooled significantly over the past year, the national median rent is still 23 percent higher than it was just three years ago, and in some markets, the increase has been even more substantial.

In the five-year span from 2015 through 2019, the big lenders for multifamily were government-sponsored enterprises. In the first half of 2023, the same dynamic is again present

While few economists expect a housing crash in the near future, many do think the market will cool off because current mortgage rates are making buying a home even less affordable.

Floating rate CRE loans are a challenge when interest rates are rising, which makes sense. Unless an investor, developer, owner, or operator has planned ahead, the increasing rate tide means there is a good chance that whatever floating rate a plan has anticipated won’t be enough.

For the first time in more than 20 years, Chicago’s apartment rent growth is the highest among its major market peers over the course of three consecutive quarters.

With less that 5% of the rentals here available and little to no apartments built recently, 67.3% of apartment dwellers in the area decided to just stay put.