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Huge rental conversion project in Chicago's South Loop.

I am willing to make a statement, that many of us have heard the term "accidental landlords". It applies to all people, who unsuccessfully were trying to sell their properties and eventually decided to rent them out.
And because of that situation our South Loop is currently in the early stages of a boom in rental construction*. Most of the developments build as condos are already or in a process of conversion into rentals.

If you think about renting a studio in Chicago....

Be prepared to pay quite a bit.. * Our Windy City is one of the more affordable major cities nationwide, beating New York,San Francisco and Washington DC. And even with the rental market booming you can still find a good, reasonable deal on one and two bedrooms apartments. Studios, once the cheapest renting option, now are simply expensive. Lovely Market Rental Report Q2 2014 ( shows, that rents for studios have gone up by incredible 40%.

U.S. foreclosures fall, but on rise in Chicago.
We got just released by RealtyTrack statistics from June 2014 about foreclosures in Chicagoland. In Cook County the foreclosure cases were initiated against 1,282 homes in June, higher than a month earlier or in June from a year ago.

Where are the buyers?

Interest rates on mortgages are fairly low, home prices gain is easing up, but why so few people are not buying real estate?
" The answer is pretty simple: Too many people can't afford to buy homes" -

Location. Location. Location!!!

We have heard that phrase being repeated over and over again. And yes,you might say it sounds kitschy, but oh so true..
According to young professionals are simply trading size of the rental property for its prime location.

"If I Were 22: You Want to Change the World, Do You? Then Unlearn These 3 Things Now"

You are probably thinking: what is she talking about? Isn't it a real estate blog I'm reading?
Yes, it is a real estate not so much, but life related a very interesting article
It makes you contradict well known thesis and look at the young Millennial Generation (which we talked about on various occasions).

Chicagoland's real estate in May- how did we do?

We all know about the rising home prices and not enough inventory in Chicago but what are the real numbers? Let's analyze.
Midwest Real Estate Data published a report showing new listings in Chicagoland are up 12.7 percent and under contract properties are up 7.7 percent -

The city or the suburbs?

After many surveys have been done and many opinions expressed the debate is still ongoing about a preference for a location of a home: city or suburbs? It seems that this time millennials have a weighing vote on that subject.
CNBC's Diana Olick says millennials are staying in the suburbs-

High demand for rental market.

National apartment occupancy hit incredible 95 percent in May- the highest number in the past six years, according to an apartment data research company Axiometrics. The decades long debate 'rent or buy' seems to favor rent. "The year-to-date effective rent growth numbers portray an apartment market that may be having its strongest year since the Great Recession ended," said Jay Denton, vice president of research at Axiometrics.

Quo vadis?

Is housing market loosing its recovery mode momentum? According to the Mortgage Bankers Association, new and existing home sales dropped this year 4.1 % -


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