Rent Prices in Chicago Are Spiking SIGNIFICANTLY More Than Mortgage Rates
Posted by Leo Clark. on
Thinking about buying but worried about rising mortgage rates? Well, rents are also on the rise in Chicago, where some landlords have recently hiked rates of up to 20-percent. At a time when tenants are finding apartments harder to come by and even less affordable, landlords are using higher rents to help compensate for some of their lost revenue from the pandemic. Some are also trying to combat their own higher repair and operating costs, due to rising inflation. Â
That has some residents turning to tenant rights organizations, which are calling for better rent control. On the flip side, others argue rent control isn’t the answer because it will drive out some landlords and lead to a greater number of poorly maintained properties.
Right now, many…
1113 Views, 0 Comments
While Fulton Market remains a hot target for developers, one developer is credited with nearly 1,000 expected new apartments on the western edge of the West Loop. Darren Sloniger splits his time between being a minister in Elgin and helping transform the landscape of a part of Chicago he refers to as Fulton West.
Redevelopment in the Fulton Market neighborhood could be in line to push even farther west in the future. That’s thanks, in part, to developer Darren Sloniger.
As one of the newest mixed-use buildings to open in Lakeview East, Optima Lakeview offers a prime location and plenty of desirable features. The former site of a grocery store and parking lot has recently been transformed into retail space and nearly 200 apartment homes.
A billionaire private equity exec just purchased another lakefront lot in the Chicago area in a deal that could throw a wrench in plans for a public beach. The Winnetka Park District wants to create a 1,000-foot beach, but that’s contingent on property owner Justin Ishbia giving them a residential property he owns between two parks, in exchange for some of the parkland that sits closest to his own land. 
As developers and investors set their sights on Fulton Market, at least one building owner is hoping to cash-in. A single-story property at 941-945 W Lake Street just went on the market. 
Four pricey Gold Coast condos are now up for sale, following the recent announcement that a billionaire financial chief is headed to Florida. Ken Griffin, of Citadel, recently announced plans to move his firm to Miami.
The long-discussed, potential project at 151 N. Michigan is once again changing course, according to recent reports. What was previously going to be a 41-story commercial tower is now going to be a significantly smaller 3-story commercial building.