Demand for apartments is on the rise here in Chicago and in other parts of the United States. This is welcome news for individuals who are interested in a career in real estate leasing. Although new apartment construction has picked up over the years, it is not expected to fill demand in the near term.
Rental demand has been rising steadily since the housing market collapse in 2007. This led to millions of homeowners losing their homes. Many former homeowners sought apartment leases, creating a lucrative market for leasing agents. Apartment construction also stalled for a few years after the collapse due to limited financing options during the global financial crisis which limited the construction of new units.
As a leasing agent in Chicago and other major cities, you have a large market of individuals and families that need your expertise in finding rental apartments that meet their needs.
Apartment demand is particularly high among recent college graduates. This group is one of your main target markets because they often do not have the credit and cash yet to meet down payment requirements for a mortgage. However, as their work experience and savings grow they will be in a position to buy a home in the future.
According to commercial real estate data provider Reis Inc., the job market is going to strengthen and this means that an increasing number of people will be able to lease their own apartments as opposed to living with their parents or sharing with roommates.
Rental demand is expected to continue to rise especially in Oklahoma, Kentucky, Texas, and Illinois. These states in particular are creating jobs at a faster rate compared to the national average. The rise in job opportunities has also lured more people to Houston, San Antonio and Chicago and this is expected to push rental demand even higher in those cities. Construction companies are building more apartments to meet the demand, offering even greater opportunities for leasing agents well into the future.