By Luis Vieira | Bricksave
December 16, 2024
News > Blog Article > Everything you need to know: Chicago
Chicago, known as the Windy City, is a dynamic metropolis nestled on the shores of Lake Michigan. Famous for its iconic skyline, rich cultural history, and signature deep-dish pizza, Chicago is not just a destination for tourism—it’s a prime hub for real estate investment. With its diverse neighbourhoods, strong rental demand, and a growing economy, Chicago offers exciting opportunities for investors looking to expand their portfolios.
Experience real estate made easy.
Chicago stands out as a vibrant city where business, culture, and architecture blend seamlessly. The city’s diverse economy and unique characteristics make it a prime destination for residents and investors alike.
Chicago has long been recognised as a centre of knowledge and innovation. Home to prestigious educational institutions, such as the University of Chicago, the city attracts a wealth of talent and industry leaders, creating a dynamic environment for both new businesses and established corporations. The Booth School of Business, in particular, stands as one of the most respected business schools in the world. With its rigorous academic programmes and global network, the Booth School plays an instrumental role in the city’s business ecosystem, providing a steady stream of well-educated professionals to fuel Chicago’s growth.
In addition to its educational institutions, Chicago is a growing hub for technology and innovation. The city boasts a thriving start-up scene, particularly in the tech, finance, and healthcare sectors. With companies like Google, Microsoft, and Salesforce setting up offices in Chicago, the city has become a prime location for talent looking to live and work in a city with a strong economy and ample job opportunities. This influx of talent and investment in technology and business has only further solidified Chicago as a critical player on the global stage.
With more than 57 million visitors annually, Chicago is one of the most visited cities in the United States. Its position as a major global destination is enhanced by its well-developed transportation infrastructure. O'Hare International Airport, one of the busiest airports in the world, connects the city to destinations across the globe, making it a central hub for both business and leisure travel. This ease of access is a significant advantage for both residents and businesses, as it ensures a constant flow of visitors and provides a gateway for global commerce.
The city’s appeal is also bolstered by its reputation as a top tourism destination. From its world-class museums and cultural institutions to iconic landmarks like Millennium Park and Navy Pier, Chicago offers a rich tapestry of experiences that attract tourists year-round. This robust tourism industry fuels demand for short-term rental properties, hotels, and event venues, creating lucrative opportunities for real estate investors. With its blend of natural beauty, vibrant culture, and world-class amenities, Chicago is a city that welcomes millions and offers countless opportunities for those looking to invest in its thriving real estate market.
Chicago's cultural and sporting landscape is as rich and diverse as the city itself. It is a city where tradition meets innovation, with iconic landmarks such as the Art Institute of Chicago and the Field Museum attracting millions of visitors each year. The city is also home to the legendary Navy Pier, the Millennium Park, and the Magnificent Mile, each offering a blend of shopping, dining, entertainment, and cultural experiences. This mix of attractions not only adds to Chicago’s appeal as a tourist destination but also supports a thriving retail and hospitality sector that drives demand for commercial real estate.
In addition to its cultural heritage, Chicago is a sports city at its core. Home to several major sports teams, including the Chicago Bulls, Bears, Cubs, Blackhawks, and White Sox, the city fosters a passionate sports culture that attracts fans from all over the country. The demand for real estate around sports venues, such as Soldier Field and Wrigley Field, offers investors the potential for high returns, especially in areas near these stadiums. Furthermore, the city’s sporting culture contributes to the vibrant atmosphere that makes Chicago a desirable place to live and invest, providing a sense of community and pride for residents and visitors alike.
Chicago’s architectural landscape is one of the most significant in the world. The city is widely regarded as the birthplace of modern architecture, and its skyline continues to inspire innovation and admiration. At the heart of the city, The Loop serves as both a cultural and architectural nucleus, where historic buildings stand alongside cutting-edge designs. Chicago's architectural identity was cemented with the creation of the world’s first skyscraper in 1885, a milestone that sparked the global skyscraper revolution. Over the years, the city has continued to push boundaries, with iconic structures such as the Willis (formerly Sears) Tower, which was the tallest building in the world when completed in 1973, and the John Hancock Center, an emblem of Chicago’s skyline.
Today, Chicago’s commitment to innovative urban planning continues with significant projects like the Obama Presidential Center, a massive cultural hub that will attract both tourists and residents. Other developments, such as new pedestrian bridges and updates to transportation hubs, signal a forward-thinking city that values both functionality and aesthetics. Furthermore, Chicago is home to some of the most celebrated architectural firms in the world, which continue to shape the city’s skyline and its urban environment. This ongoing investment in architecture and urban planning ensures that the city’s infrastructure is constantly evolving, making it an exciting location for real estate development.
Beyond the skyline, Chicago’s neighbourhoods are also defined by diverse architectural styles, from historic brownstones and modern lofts to sprawling suburban homes. These architectural elements contribute to a variety of investment opportunities across the city, whether investors are looking to tap into commercial developments, upscale residential areas, or revitalised districts with a rich history. Chicago’s status as an architectural leader ensures that its real estate market remains dynamic, with opportunities that cater to both developers and investors alike.
Residential Sales
Chicago’s real estate market has shown steady growth in recent years. As of October 2024, the Zillow Home Value Index has risen by 31% since 2016, bringing the average home value to USD 295,796. While the increase is notable, it remains slightly below the more aggressive growth seen in cities like Cleveland or Miami. The median sale price in Chicago currently stands at USD 332,417, with homes selling relatively quickly—a median of just 25 days to pending.
The residential market in Chicago remains strong due to consistent demand from both local buyers and investors from out of state and abroad. With a steady influx of professionals, students, and families seeking a blend of affordable living and access to urban amenities, Chicago’s neighbourhoods offer a wide range of investment opportunities, from high-end apartments to family homes in suburban areas.
Rental Market
The rental market in Chicago is also thriving. With a median rent of USD 1,900 per month, the city continues to attract a steady stream of renters. Its mix of urban amenities, cultural attractions, and business opportunities makes it an ideal location for both residents and investors seeking rental properties. Chicago’s rental market is further buoyed by a growing population of young professionals, students, and families looking for rental options near the city’s key business districts and educational institutions.
With demand for rental properties high, Chicago offers a variety of investment opportunities in both residential and commercial real estate. The steady influx of renters seeking apartments or single-family homes, particularly in areas close to universities, business districts, and cultural landmarks, ensures a stable and lucrative rental market for investors.
With a over USD 24 million invested in Chicago, we offer a variety of options. See what’s available today!
Chicago is undeniably a city full of promise for real estate investors. Its unique blend of economic strength, cultural appeal, and architectural significance make it a prime destination for those looking to expand their investment portfolios. The city’s robust real estate market, characterised by steady growth and strong demand across residential and rental sectors, is underpinned by a diverse economy that continues to attract global talent. Chicago’s cultural landmarks, its sporting heritage, and its world-renowned architecture further enhance the city’s allure for investors seeking both stability and opportunity.
What makes Chicago particularly compelling for investment is its combination of past achievements and future potential. The ongoing development of the city—whether it’s new business hubs, cultural projects, or improvements to transportation infrastructure—shows that Chicago is not standing still. With its impressive track record of growth and reinvention, Chicago offers a wealth of opportunities, from up-and-coming neighbourhoods to prime locations in the heart of the city.
For real estate investors, Chicago represents a balanced risk-reward proposition. The city is both an established real estate market with a rich history and an evolving urban landscape that promises further growth. Whether you're looking to invest in residential properties, commercial real estate, or mixed-use developments, Chicago’s diverse offerings make it a destination where long-term gains are well within reach. The city’s mix of architectural splendour, business opportunities, and a thriving rental market positions it as an excellent choice for those looking to invest in a city with a bright future.
Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.
