Steven Rapoport CCIM, CRER Senior Director was recently interviewed for a BlockClucbChicago.com article titled “NYC-Style Apartment Bidding Wars Hit Chicago Renters: ‘If You’re Not Willing To Go $500 Over List Price, Don’t Even Bother” where he discussed the current state of the market squeezed by the pandemic and rising inflation.
‘Apartment occupancy in Chicago is growing at its fastest rate in more than two decades, according to a recent report from real estate analytics company CoStar. The number of apartments rented over the past year is nearly three times more than the city’s average, according to the report.
“It’s a supply and demand issue; at the core, that’s the problem, but it’s a little more nuanced than that,” said Steven Rapoport, senior director of Chicago Real Estate Resources.
Supply is low in part because building costs are high during the pandemic, which has put a strain on developers and landlords, Rapoport said. But demand was outpacing development even as far back as the 2008 economic recession, he said.
“Lenders have been more conservative after the lessons we learned in the downturn,” Rapoport said.’
Source: BlockClubChicago.com (Sep 7, 2022) NYC-Style Apartment Bidding Wars Hit Chicago Renters: ‘If You’re Not Willing To Go $500 Over List Price, Don’t Even Bother’