Chicagoland Apartment Rental Market Has Bounced Back From Pandemic Dip

August 27, 2021


While Chicago’s downtown apartment market had plenty of ground to make up going into the year,neighborhood rentals proved surprisingly resilient over the course of the pandemic, as reflected by continued investment activity outside of the city center. In fact, Taylor Johnson client Interra Realty, which specializes in middle-market multifamily transactions, saw a 20% increase in business last year and is setting price records again in 2021. When REjournals was planning a story on the state of Chicago-area multifamily, we pitched an interview with Jon Morgan, co-founder and managing principal of Interra. As Morgan explained in the resulting article, investors’ desire to buy and hold hard assets capable of providing stable cash flow has bolstered the market despite headwinds created by COVID-19, rising property taxes and the state’s growing pension crisis. Read the story here.

 

Earlier this year, Interra Realty brokered the sale of 705 W. Grace St. for $5.73 million, or $358,125 per unit.


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