MARKET SNAPSHOT

Chicago q2 2025

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AVERAGE RENT

$1,878 Q2 2025

OCCUPANCY RATE

95.8% Q2 2025

NET ABSORPTION

5,282 H1 2025

ANNUAL RENT CHANGE

4.0% Q2 2025

ANNUAL OCCUPANCY CHANGE

+40 BPS Q2 2025

COMPLETIONS

3,372 H1 2025

KEY TAKEAWAYS
Demand continues to outpace supply in Chicago, with 5,282 units absorbed in H1 2025 compared to just 3,372 deliveries.
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Rent growth remains strong and widespread, with a 4.0% annual increase ranking Chicago second among the Top 50 metros for rent growth and Class A properties leading the market.
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Occupancy hit a decade-high of 95.8% and remains above 95% across all property classes, supported by limited new supply and stable renter demand across the metro.
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MARKET OUTLOOK

With absorption consistently outpacing supply and vacancy rates at historic lows, Chicago is positioned for continued above-average rent growth through the second half of 2025...

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Featured Chicago Research Reports:

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Bryan Sullivan

Managing Director

bryan.sullivan@mmgrea.com

Connor-Hobbs

Connor Hobbs

Associate Advisor

connor.hobbs@mmgrea.com

 

Michael Nasca

Michael Nasca

Associate Advisor

michael.nasca@mmgrea.com

 

 

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