As the luxury residential market in Chicago grows ever more competitive, developers must take advantage of the wealth of knowledge professional property management teams can lend to their projects. There are 44 high-rises under construction in Chicago as of November 2016. This increased demand for new apartments and even new condominium projects, which declined during the recession, is showing no signs of slowing. The average price of a Chicago condo has ballooned to July 2004 levels. According to Zillow.com, rents are up and housing inventory is down 10.9% from 2015. As a result, project owners are increasingly relying on excellent property management to build smarter and cheaper.
This is where property management firms come in, playing a strategic role in condo development by providing the involved parties with methods for streamlining the process and offering landowners professional solutions that save time and money in the long term. Read more about the involvement an experienced property management company can have in a residential development project.
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Thursday November 17, 2016