We know we've blogged about the multi-family/residential rental market in the past...but we just can't help discussing how HOT this market is still. In a recent Daily Herald article, renters in the US paid $441 billion for rental units in 2014, which is an increase of $20.6 billion from the previous year.
We’ve discussed this before, but it seems as though multi-family properties continue to be on our radar. Recently CoStar.com just drafted a report stating that over the next two years an additional 1.7 million new multi-family renters will hit the market scouting out an apartment.
It’s no secret that the residential real estate market isn’t exactly booming. While numbers show that the industry is picking up steam, it could be a long, tough march back up to the top. In the meantime, though, the rental index remains strong. In fact, Chicago was one of the many metropolitan areas that saw rent appreciation up over 10% this past year.
Recently we stumbled upon an article on SeniorHousingNews.com outlining the consistency of senior living facilities and continuing care retirement communities (CCRC’s) regardless of the current economy. While many industries have slowed, or even failed, during the latest recession, CCRC’s have remained strong and vital to the public.
A Proposed Mixed Use Development in Naperville, Illinois
As promised, this blog will cover the possible issues of Mixed Use Developments. To refresh your memory, a Mixed Use Development, in our perspective, is a real estate development that includes two or more sectors of real estate.
First Street, St. Charles
Since the 1920’s, “Mixed Use” developments have been a key to downtown growth. The thought behind the original idea is that by putting together two or more sectors of real estate (retail, office, and multi-family for example) traffic to this one destination will increase.
Many of the suburban towns of Chicago feature quaint downtown, historic districts where century old homes and their unique craftsmanship line cobblestone sidewalks. The attraction to these houses has risen in the commercial market as retailers and office users seek alternative real estate sites.
Recently the Daily Herald’s Business Ledger published an pertaining to a hotel in Palatine being transformed into a senior living facility. The plan is to take the current 191 room hotel and renovate it to offer 168 senior resident units. It is this “out of the box” thinking that often transforms into ideal real estate transactions.