Chicago: In the Spotlight
Chicago, Illinois is located 202 miles from the state capital of Springfield and is part of the Chicago–Naperville–Elgin IL–IN–WI Metropolitan Statistical Area. The population of Chicago is just over 2.6 million, making it the most populous city in the State. It also covers around 234 square miles of land. Chicago is known as the railroad capital of the country, and has the second largest public transportation system in the United States.
- The unemployment rate is relatively high, around 9.3%.
- The median household income is $58,247.
- The median age in Chicago is 34 years old
- Chicago employs over 1.2 million residents
Chicago Apartment Loan and Multifamily Property Facts
Chicago is part of the Illinois market, which has seen some growth after recovering from 2020. Although unemployment is still high and people are still uncertain, the multifamily market is starting to pick up steam. Vacancy rates and new deals are helping spur the market.
- Chicago has a moderate vacancy of around 4.8% across all rental properties
- There has been a marginal rent increase, to $1,139 per month
- The homeownership rate is roughly 45%, which leaves around 55% of residents looking for rental properties.
Although 2020 was a difficult time in Chicago, just as it was everywhere, the city is on the rebound and the market is looking good. With new developments and promising sales on the record, now is a good time to consider an apartment loan in the city.
Chicago Apartment Loan and Lending Options
In Chicago, there are several different ways that you can finance your new apartment investment. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Chicago Apartment Building Now
At Apartment.loans, we can help with all kinds of loans for apartments and commercial real estate in the city of Chicago, Il. We work with value-add opportunities, ground-up developments, stabilized properties, and more. We know what it takes to get financed and find the best rates and we can help you get what you need.
The market in Chicago is growing by the day and we can help you find the financing that you need before the competition gets too fierce. Whether you are financing your first deal or just looking for your next one, we’ve got you covered.