Midwest Multifamily & Affordable Housing Business: Downtown Chicago Apartment Market Rebounds
CHICAGO, IL – Interra Realty Senior Managing Partner Brad Feldman was featured in the latest edition of Midwest Multifamily & Affordable Housing Business in an article discussing Chicago’s multifamily apartment market:
Amid high inflation and an extremely tight inventory, prices for Chicago’s single-family home housing market increased by 11.1 percent year-over-year in May, according to Irvine, California-based property data provider CoreLogic. Couple that with huge competition over limited inventory and mortgage expenses skyrocketing by roughly 50 percent in a matter of months, and it adds up to more Chicagoans opting to rent.
“It’s definitely a major factor,” says Brad Feldman, senior managing partner at Interra Realty, referring to the influx of renters due to soaring home prices. “With the rise in interest rates, anyone who had been on the fence about buying may consider waiting now.”
Read the full article: Downtown Chicago Apartment Market Rebounds: