Much like anywhere across the world, the last year has been one that Chicago will never forget. Covid-19 was a disaster for many aspects of life in CHicago. From economic turmoil, mental health, and numerous other issues have taken front stage. In Chicago, the housing and rental market has corresponded with what is happening in the world.
The average price for a home in Chicago is $248,400. This is 2% below the national average according to the RealWealth Network. However, neighborhoods that are being invested in to resell, the average home is $130,000 and 49% below the national average (RealWealth Network). Looking into further statistics from RealWealth Network, they show that the 6 year equity growth is 37% below the national average and the average income of $75,000 is leaving Chicago faster than pulling people in with a negative growth rate.
Flipping to the other side, the rental market is not on the better side of things as well. The RealWealth Network reports that the average rental price is 6% higher than the national average. Even in communities being reinvested in, national average rental price that is comparable to these neighborhoods in Chicago shows that they are 81% above the national price.
There is a company in CHicago trying to change this trend. Beal Properties is a rental property and management corporation with over 30 years of experience. The company has not lost touch with the community and what the community needs. They offer a variety of apartment styles and live up to a high standard in tenant satisfaction. Beal Properties wants to offer this basic right to live to citizens of the Chicago area at a price point that makes sense. From hardwood flooring to in-home appliances, Beal Properties wants the tenant to have the best experience they can have staying in one of their rentals.
Beal Properties believes in urban renewal, but not not in the aftermath which results often times in the removal of families from that community. Areas like Wrgleyville, Gold Coast, and others are products of active participation by Beal Properties. Through the use of community support and support of the local government, they have found a way to rejuvenate an area without driving up the cost to rent; allowing the opportunity to people to stay in that community. A big tool to their success is the deconversion of condos that litter Chicago; providing multiple rentals.
These things show that Beal Properties is driving the future of the housing and rental market in CHicago.