Sequence 8

MARKET UPDATES
View our Blog To Keep Up To Date On
The Multifamily Market
Randolph Taylor
Multifamily Investment Sales Broker - Chicago
eXp Commercial | National Multifamily Division
(630) 474-6441 | rtaylor@creconsult.net
https://www.creconsult.net/blog/

1270 MCConnell Rd

16K SF Industrial Property 7.2% Cap Rate
PRICE: $1,200,000
HIGHLIGHTS:
16,000 SF, 1 Acre, M1 Zoning
Fully Occupied, 2 Stable Tenants
Steel Construction/Steel Roof
16' Ceiling Heights
2-Dock High Doors
1 Grade Level Door
Fully Sprinklered/Monitored
1150 McConnell, 73K SF Also For Sale
LISTING BROKER: Randolph Taylor, CCIM
rtaylor@creconsult.net, 630.474.6441
PROPERTY WEBSITE/OM:
https://www.creconsult.net/occupied-industrial-property-woodstock-sale/

1150 McConnell

73,245 SF Industrial-Manufacturing-Distribution
1150 McConnel Rd. Woodstock, IL 60098
Price: $4.,750,000
Highlights:
5.2 Acres, M1 Zoning
Owner-User/Investor Offering
5 Dock High Doors/1 Grade Level
Dedicated Active Rail Spur/Dock
Recently Renovated Well Finished Offices
Heavy Floor Load
Heavy Power
Connecting Ramp/Dock Doors Adjacent Property
1270 McConnell, 16K SF Also For Sale
Listing Agent: Randolph Taylor, CCIM
P: rtaylor@creconsult.net | 630.474.6441
Property Website/OM:
https://www.creconsult.net/industrial-property-for-sale-73245-sf-in-woodstock-il/

Dekalb Price Reduced

PRICE REDUCED!
Fully Occupied 24-Unit Multifamily Dekalb, IL
Price: $1,100,000
Cap Rate: 7.75%
Below-market rents
Roominghouse: 22-Singles/2-Doubles
Flexicore Construction/Sprinklered
New Boiler/Newer Roof
Resurfaced Parking Lot
Listing Agent: Randolph Taylor
rtaylor@creconsult.net | 630.474.6441

Property Website/OM: https://www.creconsult.net/dekalb-il-multifamily-property-sale-924-greenbrier/

Sequence 7

CHICAGO MULTIFAMILY BROKERAGE
No Matter Where You Are In The Investment Cycle
with Your Multifamily Property
We Can Help You!
Buy | Sell | Hold | Finance
Randolph Taylor
Multifamily Investment Sales Broker - Chicago
eXp Commercial | National Multifamily Division
(630) 474-6441 | rtaylor@creconsult.net
https://www.creconsult.net/

Sequence 6

PROPERTY TAX EVALUATION
Expert Property Tax Evaluation to Estimate The
Potential to Appeal Your Property Taxes
REQUEST: https://www.creconsult.net/resources/
Randolph Taylor
Multifamily Investment Sales Broker - Chicago
eXp Commercial | National Multifamily Division
(630) 474-6441 | rtaylor@creconsult.net

Strong Multifamily Demand Persists Despite Rising Costs

Although multifamily operators face challenges, including rising costs and high interest rates, demand is keeping absorption consistent in most markets.

Dive Brief:

• Following several months of declines, the national average rent rose for the second month in a row in April, up $6 to $1,725, according to Yardi Matrix’s latest Multifamily National Report. Year-over-year rent growth remained unchanged at 0.7%
• Overall, rents are up $12 this year to date and only off by $2 from the all-time high of $1,727 set last summer. 
• While expenses and insurance costs are on the rise and interest rates remain elevated, demand is still consistent, enabling healthy absorption in most markets, according to Yardi. This stems from high household formation rates, a strong job market, immigration and domestic migration to the South and West regions of the country.

Dive Insight:

The single-family build-to-rent sector also had a strong month in April, with the average rent rising $9 to an all-time high of $2,154. YOY rent growth rose 10 basis points to 1.3% for build-to-rent properties, and occupancy remained at 95.4%. Boston had the highest year-over-year single-family rental growth by far, at well over 20%. 

The average lease renewal rate was 65.8% in March, the lowest rate recorded in the past two years. (Renewal rate information is current to the previous month.) Renewal rents rose 4.4% YOY in March, up 80 basis points from February. 

Market	YOY rent growth, April 2024	YOY rent growth, March 2024	Difference
New York City	4.6%	5.0%	-0.4
Columbus, Ohio	3.8%	4.5%	-0.7
New Jersey	3.5%	3.4%	0.1
Kansas City, Missouri	2.9%	3.7%	-0.8
Chicago	2.9%	3.1%	-0.2
Washington, D.C.	2.8%	2.8%	0
Boston	2.6%	2.6%	0
Philadelphia	2.5%	2.2%	0.3
Indianapolis	2.3%	3.5%	-1.2
Detroit	2.0%	1.5%	0.5

SOURCE: Yardi Matrix

The ongoing demand for new apartments is not limited by region or market size, according to Yardi. New York City and San Francisco, two gateway metros hit hard by outmigration, have recorded positive new unit absorption over the last two years and maintained consistent occupancy YOY through March. New York City is also the market with the strongest rent growth this month, at 4.6% year over year.

Meanwhile, occupancy has slipped slightly in Midwest and Sun Belt markets, owing to an abundance of new units coming online. However, as demand for these units is still high, negative rent growth is abating in some of these markets. The only two in Yardi’s top 30 with YOY rent growth under -3% are Austin (-6.5%) and Atlanta (-3.4%)

“Though apartment demand has cooled after 2021’s record 620,000 units, it remains consistent,” the report said. “That’s good news with supply growth at multi-decade highs. Over the next year or two, it may take longer to lease up new properties in high-supply Sun Belt markets, and owners may have to offer concessions to attract and retain tenants, but if demand remains healthy, fundamentals will return to normal after new stock is digested.”

Source: Rents are on the rise again, moving close to all-time highs

https://www.creconsult.net/market-trends/multifamily-demand-strong-rising-costs/