Strong demand for both rental and for sale housing reinforcing each other in Chicago area, RE/MAX reports
CHICAGO, May 21, 2015 /PRNewswire/ -- The metropolitan Chicago real estate market is experiencing "a positive feedback loop" in which demand for rental and "for sale" housing are reinforcing each other, according to an analysis by RE/MAX.
"It's a complex situation, but the net result is that a rising number of residential rental units are returning to owner occupied status, making rentals harder to find. That, in turn, encourages rents to rise and renters to become buyers," said Jim Merrion, regional director of RE/MAX Northern Illinois. "We believe that cycle will be playing out over the next several years."
Read the full article
here.