Luxury Living Chicago Featured on CNBC.com – Renting vs. Buying
I am very excited to share that last week I was quoted in a CNBC.com article about the shift towards renting a luxury apartment in lieu of home ownership.
Joseph Pisani, the author of the story, sensed a trend in the housing market where people who can afford to buy property, are instead choosing to rent luxury apartments. Pisani contacted me to see if this was indeed happening in the luxury apartment rental market in downtown Chicago and I told him yes.
Where owning a home used to come with a status symbol, the current housing market and all of its foreclosures and loss in value have now made renting the more responsible choice.
Those who had been saving for down payments are now hesitant to purchase a home and people who have seen the value of their property decrease are now selling when they can and renting until the market stabilizes.
The time is certainly right for renting a downtown Chicago apartment. This past year, there have been 2,500 brand new rental units that have come online and another 1,300 slotted for the next 24 months.
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