Job Growth Is Strong In Chicago

Chicago is arguably one of the greatest cities in the world, renowned for its history, culture and quality of life. Venture into the different neighborhoods of Chicagoland and you will experience first-hand the diversity of the third largest metropolitan area in the United States. Whether you like sports, nightlife or chowing down on the best food around—there’s no better place than Chicago.

Chicago

Home to spectacular attractions like the Willis Tower, equipped with a sky deck that allows for incredible views of the city, The Field Museum of Natural History, historic Wrigley Field and tourist hot spot, Navy Pier—Chicago offers something for everyone. The nightlife is undeniable, with clubs and lounges like the famous Green Mill Jazz Club which opened its doors in 1907 and has been swinging ever since. Just a short ride away, comedy fans get their laughs at The Second City Comedy Club, whose notable alumni include Tina Fey, Chris Farley and Dave Aykroyd. 

A few more reasons people flock to the Windy City:

  • Since 1991 the city’s Grant Park annually hosts the world renowned 3-day music festival, Lollapalooza.
  • Chicago boasts a thriving foodie culture known for its deep dish pizza and hot dogs.
  • The city is also a mecca for die-hard sports fans! Locals cheer for the Cubs, White Socks, Bears, Bulls and Blackhawks.

It’s no wonder Chicago has experienced a major surge in population! Not only is it beautiful, but it has also seen impressive job creation. In 2015, there were 62,000 jobs created and unemployment has dropped from 10.6% to 5.8% since 2010.[i] The economy is sustained by the finance, technology and transportation industries with significant contributions from O’Hare International Airport, one of the busiest in the world. The city is also home to many Fortune 1000[ii] company headquarters—great news for the dedicated students attending the area’s prestigious universities like Northwestern, Loyola and the University of Chicago.

The boom in job growth has created a great opportunity for rental investors in Chicago. Investment property prices have appreciated 15.4% and rents have also increased.[iii] Vacancy is so low that, on average, rentals are being leased within 13 days of listing.[iii]  Gross yield has remained steady at a 9.3% average due to similarly paced escalating rents and home prices.[iii]

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Sources:
[i] Bureau of Labor Statistics
[ii] Fortune®
[iii] RentRange®

BlogBrittany Nelson