From the rural suburbs to the inner city Chicago has both the peace and quiet for retirement, the fun and adventure for you as well as the business and corporate venture for individuals into business. With lands for sale and vacation land for sale not to mention that and estimated 12,000 houses are under construction. There is a low-key awesomeness to Chicago whether you are into architecture, music and art, street festivals or food and drink. The Windy City offers an ideal and idyllic place to put down roots or to strengthen ties that bind generations of families to this historic city. A place that has much to offer in every lifestyle aspect that matters will, by necessity, have a dynamic real estate market regardless of what else is happening in the rest of the nation. It is usually regarded as a business district due to the fact that it is home to the headquarters of a number of companies. That doesn’t take away the fact that it is also a place for living as well as leisure. Below are five of the many fantastic reasons to invest in Chicago real estate.
This is actually no surprise as Chicago is a home to the headquarters of number of companies, no single industry actually dominates Chicago’s economy. It is diversified across a variety of markets that include finance, commerce, manufacturing, technology, telecommunications and transportation, each employing no more than 14% of the workforce. The local Chicago economy continues to improve from its sharp downturn during the Great Recession, which is great news for investors. Chicago is the third-largest metro in the U.S., with a diverse economy featuring distribution, finance and tourism anchors. As a result, business minded individuals will be tempted to buy or rent an apartment in Chicago as they are assured of getting a head-start in whatever industry they are into as Chicago is open to all forms of legitimate business.
With its perfect mix of business and pleasure, it is no surprise that young individuals are drawn to its allure. Young individuals already make up a large portion of both Chicago renters and buyers—and they will continue to be the target market. As those young individuals are cresting 30 and starting to settle down, we should also see Chicago’s suburban market continue to strengthen and demand from first time buyers increase. Last year, alone, 43% of Cook County mortgages were taken out by individuals under 35s.
Relaxation and Pleasure Hotspots
Chicago is one of four cities with five or more major professional sports teams namely Chicago Bears (NFL), the Chicago Cubs (MLB), the Chicago White Sox (MLB), the Chicago Bulls (NBA), the Chicago Blackhawks (NHL), and the Chicago Fire (MLS). It is also a huge tourist attraction center with About 200 theaters, another 200 art galleries for art enthusiasts, 7,300 restaurants and counting for foodies, 15 miles of beaches, 19 miles of bike paths fronting Lake Michigan, 552 parks.
Steady Appreciation in Property Value
Chicago’s thriving rental market average gross yields are in the extraordinarily high 7-8% range, with prices still 17% below peak, there’s plenty of room for growth.
Double-digit annual property price growth has been recorded in key neighbourhoods. Since July 2013, when IP Global entered the market, average condo prices have risen 16.2%, while prices at IP Global’s most recent Chicago project have risen 5-6% since February 2015. These figures are extremely encouraging for potential real estate investors.
Average rents are expected to increase approximately 1 percent to $1,673 per month for Chicago real estate – slow and steady growth. Average cap rates dropped only 20 basis points to 5.1 percent at the end of 2017, making Chicago one of the top 20 best places to invest in SFRs based on first-year returns in 2018, according to HomeUnion® Research Services.
High Demand for Rental Housing
Owing to the fact that most individuals who come to Chicago are usually young people who are usually on the move, there is a high chance that apartments will be rent rather than been bought. Chicago has the distinction of being the busiest hub in the U.S. for passenger rail travel, with direct connections to nearly all major metros in the U.S. on both coasts, with the exception of New York. Chicago also has an extensive highway system that includes multiple interstate freeways, known in Chicago as “Expressways.” These include Interstates 90/94, 190 and 57, as well as remnants of historic routes like U.S. Route 66. Chicago’s O’Hare International Airport is one of the busiest airports in both the world and the United States by airline operations and passenger travel, partially due to its status as the hub of United Airlines. This is an indication that you stand to make a higher value for renting out your apartment as against selling it.