New completions in the past year declined 34% from the prior four-quarter period, and the pipeline at 1.7% of inventory represents one of the most constrained supply positions among the 50 largest markets nationally, setting the stage for continued occupancy and rent stability.
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Chicago leads the 50 largest markets in the nation in both annual rent growth and occupancy, reflecting structural supply constraints and durable renter demand that distinguish the market from most major peers.
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Average effective rents posted a 1.9% quarter-over-quarter gain in Q1 2026, a reversal of two consecutive mild quarterly declines, while stabilized occupancy of 95.4% holds well above the national average.
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MARKET OUTLOOK
Chicago's supply pipeline has entered a more measured phase following the peak delivery period of 2023 and 2024. Trailing completions are running...
