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The Chicago rental market continues to be a whirlwind, with demand remaining strong and prices steadily rising. #Habitat's EVP of Property Management, Sheila Byrne, provided key insights into the current state and future outlook of the market with Shanzeh Ahmad’s latest article in the Chicago Tribune. Sheila highlighted that Habitat is managing approximately 16,000 units in Chicago, with occupancy levels averaging at an impressive 95%. She emphasized that renters today are not just looking for a place to live, but for a lifestyle enriched with top restaurants, entertainment, and great amenities. Despite the high demand, the development of new units is challenging due to high taxes, insurance rates, and construction costs. As Sheila noted, "There’s going to be less coming out into the market in the next couple of years. Real estate is very cyclical like that. You see peaks and valleys." While the market faces these challenges, a significant number of new units are expected to be added this year, providing some relief and potentially more opportunities for renters. At Habitat, we are committed to navigating these market dynamics to continue providing exceptional living experiences for our residents. For the full article and to see the rest of Sheila's insights, visit https://lnkd.in/dNskwkux #RealEstate #ChicagoRentals #PropertyManagement #TheHabitatCompany #MarketTrends

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Andrew (Andrzej)T. Mikolajczyk

Social Services/RSC at The Habitat Company

11mo

Outstanding industry leader! Insightful article! Opportunity to learn new facts from one of the top experts in the industry. Kudos

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