With its scores of Fortune 500 companies and hundreds of corporations basing their operations from the city, Chicago is a place with a high demand for premium housing. Chicago corporate housing options include charming finds that allow you an authentic experience of life in this dynamic, vibrant locale. One neighborhood that you must consider is Wrigleyville, sitting in the shadow of famous Wrigley Field, it is home to many families, young professionals and others. Steps from Gallagher Way, it provides residents and visitors with access to an endless array of activities and entertainments, markets and more. Steps from public transportation, it is a short ride into the heart of the city, yet a world all its own.
You hear the name Philadelphia and think of early American history. Ben Franklin, the Liberty Bell and the Constitution are all concepts directly related to the city, and yet it is one of the most thriving places in terms of economic expansion, education and growth. In fact, according to one set of statistics, Philly’s job growth is currently “enjoying the longest period of economic expansion in the last 50 years. In 2017, the city added 10,700 jobs.”
Though it might seem as if that growth would focus on limited segments of the overall market, it is in fact quite diverse. As that same set of data relates, the market includes business and financial services, information services, real estate, education, health services, education, hospitals and more. For instance, “15 colleges and universities and five hospitals, [account] for 20% of Center City employment. Entertainment, leisure, hospitality and retail provide 16% of downtown jobs…[and] Federal, state and
local government employment provides 12% of Center City jobs.”
This makes it a very wise market for investment in corporate housing. In fact, that is supported by the statistics relating to new homes in the city, with “the construction of 2,680 new apartments, single-family homes and condominiums” appearing in 2017 alone. Most point towards the downtown and Center City area as the best choice. Not only is there where so much of the city’s business and tourism activities occur, but also because it is home to much of the historical and cultural life of the city.
Have you, like millions of others, watched the whole tiny homes trend develop? People downsizing their possessions to such a degree that living in homes of 300 square feet or less is the foundation of this trend, and yet it remains strong. Only, it is not as strong as another trend, and that one is known as up-sizing. As one article recently joked, “Downsizing? That’s so 2016. Housing trends indicate a move toward bigger, not tinier, homes…” Yet, this is also indicative of a corporate housing trend, too.
What we mean is this – housing supplies in the larger urban areas are on the decline, and more and more are finding that they can only afford tiny properties if they also wish to remain within the city. As that article noted, many move just outside of their cities and opt to invest in or build larger homes. This leaves a lot of smaller properties available within the cities. These then become ideal candidates as short term apartments, which is part of the increasing corporate housing trend.
These smaller homes are exactly what traveling professionals desire. Rather than an unwelcome stay in a longer term hotel, the short term apartments with their separate living and sleeping areas, their in-building amenities, and their home-like feel are a superior choice.
The corporate housing trend has been veering away from extended stay hotels and instead turning towards furnished and welcoming short term apartments. So, the upsizing trend, which is leading more and more urban dwellers to head to the nearest suburban regions is a good thing for property investors and supporting the corporate housing trend in one or two bedroom apartments.
Naturally, not all areas are in this exact position, but most of the country’s growing metro areas do reflect this shift. For example, the “median square footage of new homes is up 20 percent since 2000, from about 2,000 square feet to about 2,500 square feet… Fifty-six percent of millennials said that having a large home is important to them, compared with 42 percent of Gen Xers and just 35 percent of baby boomers.”
So, if you are eager to invest in corporate housing properties and furnished rentals, you will find that there are more and more of the smaller, short term apartments becoming available. Choose the right neighborhoods and this exodus into the suburbs will actually work to your benefits.