$0
Average Rent
$1,939 average rent in Chicago, Q2 2026
0%
Occupancy Rate
95% occupancy rate Chicago, Q2 2026
0
T4Q Net Absorption
3,499 T4Q net absorption in Chicago, Q2 2026
0%
Annual Rent Change
3% annual rent change in Chicago, Q2 2026
0
BPS Annual Occupancy Change
-25 BPS annual occupancy change in Chicago, Q2 2026
0
T4Q Unit Completions
5,603 T4Q net absorption in Chicago, Q2 2026
Key Takeaways
- Chicago’s rare combination of leading rent growth and top-tier occupancy sets it apart in the current cycle. Annual rent growth of 3.1% leads the entire Midwest peer group, while stabilized occupancy of 95.4% trails only Milwaukee regionally, a dual leadership position few large metros can claim.
- Four consecutive quarters of elevated absorption rates point to durable underlying demand, even as trailing 12-month deliveries of 5,600 units have outpaced absorption of 3,499 units. The gap is narrowing as the construction pipeline contracts, pointing toward improving balance heading into late 2026.
- The construction pipeline has fallen 9% year-over-year to 9,230 units, just 1.6% of inventory, one of the leanest pipelines among major U.S. metros, setting up a meaningfully lighter delivery environment through 2027.
Market Outlook
Chicago’s multifamily market is positioned favorably as it moves through the balance of 2026. With the construction pipeline at just 1.6% of base inventory, and contracting…
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