Developers working on new apartments to ease shortage
Chicago apartment occupancy has never been higher for a variety of reasons, conditions that anyone looking for a Chicago apartment right now will experience. Basically if you are looking for an apartment in Chicago right now you are going to find slim pickings and they are going to be gone very quickly.
Fortunately that’s why the world has Core Group Chicago, to help individuals with apartment hunting in Chicago . We drive you straight to the options that would fit you, show you around, check out the neighborhood, and offer all the advice we can give you free of charge.
But why are vacancy rates at the lowest levels of the decade (according to Reis Inc a Chicago research firm)? Well, remember the housing crisis? When credit collapsed and people were turned out of properties across the nation ownership values dropped. There were so many open condos and homes available that prices became very very low. This meant that at the same time a recession started home ownership, instead of presenting an asset that would hold value, presented a gamble. Would prices stay up? And if you had to move to find a job if you lost yours, would you be able to sell the home?
In the face of this question, and presented with steep Chicago home or condo ownership taxes, young and old alike turned to renting as another option. Renting provides, after all, a mobile existence. People can pack up if they need to, the spaces are easy to furnish, and you don’t have a huge investment that might not pan out.
Speaking about the market, marketing director Maurice Ortiz of Apartment People stated, “It’s about as tight I’ve ever seen it. I used to say visit eight to 10 apartments before making a decision. Now it’s more like three or four.” More people wanting the same apartments forces the decision time down, and the prices up.
Companies are responding by building new units. In the suburbs Orland Park’s Main Street downtown redevelopment, now under way, will have 295 apartments instead of condos. Neighboring Tinley Park is considering a plan for 167 rental units in place of town houses envisioned several years ago. Apartments are also going in at Wolf Point as well as Lakeshore East. Other individuals are responding to the situation by renting out condos or offering subleases. This gives shoppers an opportunity for great living space and helps those with property they cannot sell to cash in on the space.
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