Rental Market BOOM!

18 Aug

Recent stories in the Huffington Post and and the Sun Times illustrate what’s already been talked about for some time now. The Chicago Rental Market is booming.

As banks have refused to loan money and mortgage companies have tightened restrictions on getting home loan without putting 20% down, Chicagoans have found that buying a condo is no longer feasible. Instead they are looking to rentals and developer’s are paying attention.

Most recently a developer has purchased the Waterview Tower on Wacker Drive and plans to turn it into luxury condos. You know, the one that’s been half finished for three years now due to the recession.

Projects like this are sprouting up all over the city and Edgewater is no different. Here in East Edgewater, along Sheridan we have a prime location and it remains very important that as property owners invested in our neighborhood, we take an interest in development that could have a big impact on the character of our neighborhood. Let’s make sure we don’t create an urban canyon on the north side of the city.

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