Along with the rest of the nation, Chicago is undergoing a proportional increase in apartment complex construction as of late. According to the Chicago Tribune, apartment builders will profit more in the coming decade than they have in the past 20 years due to the recent downturn in the housing cycle.
The growing importance of living affordably in close proximity to urban centersâ€”further bolstered by climbing gas pricesâ€”is a huge contributing factor to the uptick in the apartment building market. Developing generational trends have also had a hand in the rising popularity of apartments over homes. People in their 20s and 30s are more likely to delay marriage and childbearing than in past generations and are therefore more receptive to the freedom and mobility provided by apartment rental. Recent graduates and other young people seeking to move out of their family homes have also responded well to the call of affordable Chicago apartment dwelling.
Many experts believe that the marked increase in apartment construction across America, especially in big cities like Chicago and Los Angeles, signals an overall cultural shift away from the necessity to own a dream home. As a whole people are migrating out of suburbs and closer to urban jobs, supporting a tendency to favor apartments in or near metropolitan areas.
Post by: Dream Town Chicago real estate