What's The Reason Behind The REI Firm's Increase In Chicago Purchase Of Homes?
Since the beginning of the year, Chicago has been experiencing an increase in the housing market. As per The Real Deal, "over the past year, Chicago's luxury apartment market has seen unprecedented demand from investors and developers alike." The reasons behind this growth include recent job growth the increase in price of rental properties, and low supply of housing. One of the major drivers for Chicago's recent real estate investments is the city's growing economic growth. In the last 14 years Chicago have created more than 4000 new jobs. This figure includes 10,000 new jobs that were created in February in the first month alone. According to a report from The University of Illinois at Chicago's Great Cities Institute, "the number one cause for this job growth is the city's booming real estate market."
As well as an growth in demand for housing as well, the cost of renting an apartment Chicago has risen by 9% over the last year according to Zillow. This trend is predicted to continuein the coming months, as demand for real estate increases and supply is low. Yet, despite these elements there are some negative factors that affect Chicago's housing market. For one, the city Cash Offer For My Home is suffering from a major lack of construction and development. According to a study by the Urban Land Institute, Chicago "could stand to add more
