Demand Rising for City Apartments
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|Marcus & Millichap's Steve Livaditis says apartment owners in the city will be able to raise rents in the next 24 to 36 months. Much of the city neighborhood housing stock was converted to condos during the housing boom, which created a shortage of apartments— especially the ones attractive to people just moving to Chicago after graduating college around the Midwest. While the 'burbs are still lagging a bit, apartment investment sales in the Chicago area are one of the hottest buys on the market, Steve says. Job growth is still slow, but younger people are more confident that they'll keep their jobs, so they're moving out of their parent's house, driving vacancy down below 7% in the city this quarter. (And increasing demand for mother's sewing room accoutrement. Translation: Invest in Michael's.)|