Tuesday, September 12, 2017

Rents are collapsing in some of America's biggest cities via Business Insider

An inconvenient math for housing is beginning to dog Chicago: The third largest city in the US has been losing population for years. Not huge numbers, but it adds up… In 2016, according to the Census estimate, the population dropped by about 9,000 people. Since 2014, the population has dropped by about 14,000 people. Chicago’s fiscal woes, junk credit rating, and the threat of bankruptcy hanging over it don’t help.

Since 2012, nearly 26,000 multifamily rental units have been completed in the city, according to Fannie Mae, which for 2017 sees “elevated volume of new supply, particularly in the Loop/River North/Gold Coast submarkets.” This does not include condos and single-family homes that were bought by investors and have reappeared on the rental market. Over the same five-year period, Chicago’s population has dropped by 9,000 people.

Read more...Rents are collapsing in some of America's biggest cities - Business Insider

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