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-- -- -- you says that the housing market is weak while home prices are near historical lows rents are rising thanks to strong demand Jeff Flock joins us now from Chicago.
With more on the story -- Something that just never would have worked before they -- on -- looking at this high end kitchen this is granite counter tops here's a viking range here.
We've got a building fridge.
-- -- rental unit I want to introduce you to the developer of this project who try to develop this issue would that typically -- As a condominium you couldn't get financing.
-- the banks would only lend.
-- this project has a rental project it's amazing and that never used to be a case we're in -- Bonnie what.
Is known as Lincoln Park in particular to unit that's been staged for the floor looks out the window once we get in there.
May be you see.
We can park is a you know high end neighborhood in Chicago typically would never have a problem.
Getting financing for economy project here but -- typically not but you know the housing bubble really changed the financing picture.
Yeah exactly and so what they did is they went to the bank and said okay what if we make this a rental now what would this and what with his -- for this year.
This journal ran for about 3200 dollars a month.
Can you actually get that kind of do you DT can get that -- Well we hope so and you know a number of -- agents independently of come in and -- this.
As of -- a 3200 dollar a month rent you've never built rental unit building before.
Not new like this now in -- first project now.
The first new construction project in about six years I think again and -- -- money I would say that may be bodes well if that's what it takes.
To get new construction going is to build them as rentals because people these days seem to want rental almost more than they wanna -- don't want what you -- told that bag.
In makes a lot of sense to be creative in these times -- as as a new Yorker who's watching that apartment you do would do in the -- through there with a working fireplace in granite counter tops.
Sign me up -- drilling are you kidding 32 -- you're gonna have a you're not near Chris showing up at endorsed at any moment watch rest Jeff Flock we'll see CN.
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