The Chicago real estate market has been hit hard by a sharp decline in demand for condominiums around the city. Many neighborhoods have seen a steady decline in sales.
Many potential buyers are unable to qualify for a mortgage due to tougher requirements from banks and lenders. Those who are unable to qualify for a loan are forced to look for rental units around the city.
While developers and condo owners are suffering as a result of difficult market conditions, apartment owners are enjoying higher rents and lower vacancy rates.
According to Appraisal Research Counselors, rents for luxury units in downtown Chicago have gone up 17 percent in the last two years. Vacancy rates for luxury apartments around the Chicago Loop are down below 5 percent.
Developers are also starting to capitalize on the boom in apartments in the city. Several developments are underway in the South Loop, Near North Side, and Near West Side.
Rents are increasing both in downtown Chicago and suburbs around the city. The Chicago suburbs saw an increase of 4.3 percent over last year.
Stay on top of the latest news out of the Chicago Real Estate Market and keep up with the newest developments in neighborhoods around the city.
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