Over the past year, Chicago area renters absorbed nearly 11,000 units while just 6,700 new units delivered, tightening the market and pushing occupancy to 95.6%, which is among the highest rates in the nation.
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Construction has slowed sharply, with only 7,900 units underway—well below the national average. Development is shifting to outer submarkets, while regulations weigh future supply in the urban core.
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Rents rose 3.3% year-over-year, nearly triple the national rate. With limited new supply and steady demand, rent growth is forecast to reach 4.3% in 2025, far outpacing the 2.2% national projection.
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MARKET OUTLOOK
The Chicago multifamily market enters the remainder of 2025 on solid footing, with fundamentals outperforming national trends...
