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In a recent episode of the Straight Up Chicago Investor Podcast, Jordan Gottlieb, a prominent figure from Essex Realty Group, takes center stage to provide a comprehensive update on the current state of the Chicago multifamily market. Despite ominous headlines and media reports, Gottlieb sheds light on a market that has not only weathered the storm but is thriving against the odds.
Jordan Gottlieb dispels the negativity surrounding Chicago's multifamily market. Contrary to popular belief, the local rental market has emerged as one of the top performers nationwide. Rent increases on renewals and new leases have been robust, and the values of most buildings have stood strong amidst a backdrop of interest rate hikes.
The discussion further delves into the challenges of investing in Chicago real estate. Limited land supply and high demand make building new properties a daunting task. This has created a scenario where investors may hesitate to acquire older properties if newer, more attractive developments are in the pipeline. While demand remains high, the concentration of new construction in specific areas raises questions about the market's ability to sustain long-term growth.
Mark joins the conversation to provide insights and advice for potential buyers. He acknowledges the continued demand but emphasizes that pricing may not increase at the same rapid rate. Mark encourages buyers to remain vigilant against mispriced properties lingering on the market and highlights the importance of working with multiple lenders to navigate varying availability and terms.
The episode unravels the intricacies of the Chicago multifamily market, painting a picture of resilience and vitality. Jordan Gottlieb's update, coupled with insights from industry experts, presents a nuanced perspective on a market that defies conventional expectations. As investors navigate through uncertainties, the Straight Up Chicago Investor Podcast serves as a valuable resource, offering guidance and a deeper understanding of the dynamics shaping Chicago's real estate landscape.
Watch Straight Up Chicago Investor Podcast Episode 240 in Full Here
Show Notes:
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guests: Jordan Gottlieb, Essex Realty Group
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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