Luxury Living Chicago Featured On NBC Nightly News and Wall Street Journal
This week, Luxury Living Chicago was tapped by two major media outlets to provide insight into today’s luxury rental market. First, on NBC Nightly News, we were asked to discuss the notion that people who can afford to buy are opting to rent luxury apartments. While the media is just noticing this trend, we have been talking about this for some time now. Plunging home values and overall uncertainty over where the market is headed – and when – have created an environment where people are looking to put off any housing purchases for another year or two, making renting the perfect option.
We also discussed the same issue with the Wall Street Journal later in the week, arguing while some statistics indicating the tide is beginning to turn, consumer behavior has not quite caught on. “People are scared” as Aaron Galvin was quoted saying, and we still see more and more perfectly qualified potential home buyers choosing to rent, not seeing homeownership as the safe bet it once was.
All these factors have added up to create a perfect storm: not enough apartments and quickly rising prices. The downtown Chicago apartment market is going to remain tight for at least a little while longer and your best bet of navigating quickly changing pricing and availability it is with help from Luxury Living Chicago.
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