MARKET SNAPSHOT

Chicago q2 2026

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AVERAGE RENT

$1,939 Q2 2026

OCCUPANCY RATE

95.4% Q2 2026

NET ABSORPTION

3,499 T4Q

ANNUAL RENT CHANGE

3.1% Q2 2026

ANNUAL OCCUPANCY CHANGE

-25 BPS

UNIT COMPLETIONS

5,600 T4Q

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.

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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.

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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.

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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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