Apartment Rental in Illinois
The Apartment Rental industry in Illinois is poised to return to levels not seen since prior to the subprime mortgage crisis. A number of factors have contributed to industry's growth over the five years to 2017, including a declining homeownership rate, a declining rental vacancy rate in Illinois and a decline in the number of owner-occupied units. Additionally, rent affordability is declining across the state, and rent-burdened individuals are contributing larger portions of their income to cover rents. As demand in Illinois catches up to supply, rents will trend more toward the national median. However, improving economic conditions will help others purchase a home, thereby sapping demand from lessors of apartments.
Operators in this industry act as lessors of buildings used as residences or dwellings. Industry participants are owner-lessors of residential buildings and establishments that rent real estate and then act as lessors by subleasing it to others. In addition to apartment rentals, the industry also includes single-family homes and town houses.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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