CHICAGO—In the past year, the metro area's for-sale market has continued a steady rebound, with rising median prices, and the market for apartments remained healthy. As real estate experts look toward the coming year, other factors, such as a shrunken for-sale inventory, possibly rising interest rates and an influx of new rental units could alter the picture.
“There is still tremendous competition in the rental market, but luckily for consumers they have more choices than ever,” says T.J. Rubin, managing broker of Fulton Grace Realty. “For new projects delivering in 2014, it all boils down to either offering a no-frills building with great prices, or going big on amenities and services that offer renters a terrific lifestyle.”
And many condo developers and home builders take heart from the still-low interest rates, low inventory and high demand and believe this will encourage new development in 2014.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
