The Changing Face of Multifamily Development in Chicagoland

Developers in Chicagoland are responding to continued strong demand for multifamily housing and changing consumer expectations. The pandemic accelerated a trend that was already underway — a shift in consumer priorities from acquiring material things to embracing time, travel and experiences. Long-term homeowners are taking advantage of a seller's market for their homes, collecting the proceeds and moving into apartments that require little to no maintenance. Meanwhile, young people who can't yet afford to purchase a home are renting apartments that provide abundant amenities. These changing dynamics are reflected in recent multifamily sector research.

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