Quote:
Originally Posted by the urban politician
Well, landlords are going to charge whatever they can get away with. They can charge whatever they want but if nobody is taking the bait, then they will obviously have to lower rents.
I am actually encouraged by the downtown market being up because downtown rents set the tone for the entire city’s rental market. Right now I have a few units that are stubbornly hard to fill (despite having lowered the price a few times), so a rising market is encouraging. However, what matters to me is how badly people want to ride the trains, as a sizable portion of my portfolio is near transit.
Living downtown is a bit more Covid-safe because you simply need to walk outside to get to most destinations. But along the L line neighborhoods, transit “fear” may actually dampen interest in these neighborhoods. Covid is truly an existential problem for our cities and it would behoove our city leaders to try to reduce the fear around this virus (some of which is unnecessary) if we are ever going to make a complete economic recovery.
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Where are you having a hard time renting units? I can't list mine for as low as I used to anymore without getting swamped by applicants. Just rented a 3 bed in "Marshall Square" to a young Latino couple who make $100k combined two years out of school at non profits (one does the website for a nonprofit and the other is a social worker). They are both U of C grads and have 730 and 780 credit as 24 year olds.
Literally they are the ideal tenant for me, perfect on paper and grew up in the city. I had like 10 other apps, but went with them because they have their shit the most together.