Downtown Chicago Real Estate News is looking up this summer. All economic indicators are pointing to a vibrant real estate market in downtown Chicago for the foreseeable future. With delinquency rates continuing to decline at a remarkable rate, downtown landlords, investors, and apartment seekers should all get more bang for the buck in the coming months. Let Erik help you find a downtown apartment to buy, sell, or rent in the coming months!! Also, read more about how millennials are helping downtown landlords (and vice versa). Finally, just for fun read about how Airbnb is affecting certain Chicago neighborhoods, and how the Chicago city government is attempting to deal with the changes that come with Airbnb.
Lower Delinquency Rates in Chicago are Good News for Everybody
Due to lower delinquency rates in the Chicago area, banks are increasing the number of loans that they issue. This is good news for prospective buyers, especially in the downtown Chicago area. With a possible glut of real estate offerings still available in the downtown area, now is the time for aggressive buyers and investors to get into the real estate game at a good time.
Millennials with income are making downtown chicago landlords happy
Depaul’s Institute of Housing Studies reports that millennials will yearly income exceeding $74,000 account for most of the increase in demand for Chicago rentals in the last eight years. Recently this increase in demand been demonstrated by a marked increase in development of downtown properties. However, Logan Square and Bucktown have also shown a large uptick in real estate development over the last few years that can be directly linked to increased interest from millennials with more cash in their pockets.
Chicago Government Cracks down on Airbnb?
Airbnb represents a viable alternative income source for many Chicagoland residents. However, a lot of people who rent their condos and townhouses for Airbnb have neighbors that are becoming increasingly agitated by some of the side effects. Many of the complains lodged by Airbnb neighbors have led to calls for Chicago’s city hall to regulate how Airbnb is utilized and taxed within the city. Airbnb is a practical way for money, and a good way to find affordable and unique lodging for vacationers or people looking to visit family. However, it has not proven ideal as a way for people to get together and party. It will be interesting to see how Chicago’s local government will regulate this up and coming industry in the years to come.
