Earlier this month several members from our investment brokerage team attended Community Investment Corporation*(CIC)’s annual Neighborhood Forum.
More than 200 residential property developers, managers, appraisers, brokers, lenders, community leaders, housing stakeholders, and policymakers met to network and discuss trends in affordable rental housing throughout Chicago neighborhoods.
CIC 2019 Neighborhood Forum Takeaways
Here are three key takeaways:
- While property values have increased, rental rates are flat.
- Southside has evolved into a more sophisticated market. This transformation is due in part to the availability of professional property management services, which make the area more feasible for out-of-state buyers.
- Across Chicagoland, experts are seeing an increase in capital earmarked for renovating vintage properties.
Other opinions widely expressed at the forum include pushing the city to allow vacant ground floor retail spaces to be converted to veterans/handicap-accessible rental units. Among the group of attendees there was also an overall uneasiness with the changes taking place in the new Cook County Assessor.
How will these trends impact property owners and investors?
Only time will tell but considering all that’s happening in the market (tax reassessment, rent control and more) the most important step any property owner or investor can take is finding the right partner.
33 Realty offers a full suite of real estate services including property management, leasing, investment brokerage, construction and REO/lender services. As an accredited provider of property management services, 33 Realty is well-positioned to manage your property and see that it continues to be income producing in these uncertain times.
What is CIC?
*COMMUNITY INVESTMENT CORPORATION, Chicagoland’s Leading Multifamily Rehab Lender, is a not-for-profit mortgage lender that provides financing to buy and rehab multifamily apartment buildings with five units or more in the six-county metropolitan Chicago area.