Chicago SFR Vacancy Rates Decline; Competition From Multifamily Sector Remains Low
Although the Windy City was late to the recovery, the current rental market is gaining momentum, driven by economic expansion across most employment sectors. Local employment is strong; the metro has recouped the totality of jobs lost in the recession. In fact, since peaking in 2012, this metro’s employment rate has remained fairly steady with a number of expansions and relocations, which are helping to bolster renter demand. One of the largest expansions was undertaken by the University of Chicago Medicine, which broke ground in mid-2016 on a $43 million emergency and trauma facility. When completed, this campus will bring 1,000 new jobs to the South Side submarket. The facility also will support 400 temporary construction positions. On the supply side, permitting is up for single-family units, and developers are cooling on multifamily properties until the units in existing developments are absorbed. Single-family rentals, meanwhile, are better positioned[…]
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