Effective asking rents have now fully recovered in a half-dozen gateway metros since prices hit pre-pandemic levels during June across Chicago, Los Angeles, and Northern New Jersey’s Newark-Jersey City area.
Tag Archives: Chicago
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Continue readingApartment demand rebounded in the nation’s gateway markets in the 2nd quarter, after fundamentals in these regions suffered throughout much of the past year.
Chicago does not face the run-up in apartment deliveries that may slow the comebacks in some of the nation’s biggest cities.
Congress is set to pass a coronavirus relief bill that includes funding for rental assistance and the continuation of the nationwide eviction moratorium.
Although occupancy has fallen in both urban and suburban areas since the pandemic started, the impact has been more pronounced in the urban areas.
An online real estate database company just released new figures showing that renters’ preferred location is tiling toward the suburbs.
Join the Marcus & Millichap Multifamily Forum: Chicago & the Midwest in a re-imagined, all-digital, online conference format. Spanning ten days from July 21 through July 30, the conference has been organized in brief, easy-to-consume portions to minimize disruption to your work and personal life.
Downtown Chicago Rents Have Suffered While Suburban Markets Were a Mixed Bag
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.
Leasing activity sustains momentum, supported by record low unemployment. Low interest rates and strong performance trends support investment activity, but investor caution remains elevated.
Just Sold 18 Unit Multifamily Property South Suburban Chicago IL – 18 Unit Multifamily Property Sold – 12 Two-Bedrooms/6 One Bedrooms, Exclusively Listed and Sold by Randolph Taylor with Marcus & Millichap, Located in South Suburban Chicago Blue Island, IL
Across the nation demand for apartments is now at a five-year high, a consequence of slow home sales and economic uncertainty.
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.
Demand 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.
Despite 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.
Rent Control reduces the supply of rental units, increases prices for properties not covered and prevents those most in need from benefiting.
84 Unit Multifamily Property For Sale.
Condo Quality Construction.
All 2-Bed / 1-Bath Units with Dining Room.
90 Percent Updated Units.
Tenant Paid Electric Baseboard Heating & HW.
Very Well-Maintained / Long-Term Ownership.
Apartment rents across the nation have soared over the past several years amid the expanding job market, the primary driver of demand for apartments, and a continued preference for renting over owning among some people.
Multifamily Sales Continue to Trend Downward in City, While Suburban Sales Volume Sets New Record
The owner of one of the biggest apartment complexes in the Chicago area has refinanced the property with a new mortgage, pocketing nearly $46 million in the process.
Whether they sold or refinanced, many owners of Chicago commercial real estate took advantage last year of prices that surpassed their pre-recession peaks. But their joyride may be slowing down.
Chicagoland 2017 Closings: 332 Transactions Totaling $1.45 Billion
A combination of job growth, healthy demographics and accelerated household formation creates a rosy outlook for apartment investments in the coming year. For Chicago, location and property type should be taken into consideration. This is according to Marcus & Millichap’s 2018 Multifamily North American Investment Forecast.