MARKET SNAPSHOT

Chicago q3 2025

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AVERAGE RENT

$1,869 Q3 2025

OCCUPANCY RATE

95.8% Q3 2025

NET ABSORPTION

6,723 YTD Q3 2025

ANNUAL RENT CHANGE

3.8% Q3 2025

ANNUAL OCCUPANCY CHANGE

+40 BPS Q3 2025

UNIT COMPLETIONS

3,731 YTD Q3 2025

KEY TAKEAWAYS

Since late 2024, Chicago’s apartment demand has far outpaced new supply, with nearly 9,000 units absorbed against just 4,600 deliveries—highlighting a pronounced supply-demand imbalance and tightening market fundamentals.

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Chicago ranks among the nation’s top-performing apartment markets, with rents up 3.8% over the past year—outpacing the U.S. average by more than sixfold and underscoring the metro’s exceptional pricing momentum.

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Downtown Chicago drove more than one-third of metro-wide absorption over the past year, pushing stabilized occupancy up 120 basis points to 95.8%—a clear sign of renewed renter demand in the city’s urban core.

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MARKET OUTLOOK

Chicago’s multifamily market is poised to maintain its momentum through the coming quarters, supported by resilient renter demand and a pronounced undersupply of new housing...

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