Chicago Multifamily Market Report

Chicago stays resilient with limited supply and demand gains. While many markets face high construction volumes, Chicago stands out with a combination of strong demand with limited new supply and notable rent growth contributing to overall stability. In the first half of 2024, renters absorbed over 4,500 units, outpacing the 3,700 units added during the same span in 2023. Demand was largely driven by two key submarkets, the Loop-Fulton Market-West Loop area and Uptown-Rodgers Park-Evanston. Both accounted for nearly half of the metro’s net absorption, which expanded by a total of approximately 5,200 units over the 12 months ended in June — surpassing its historical average of 3,200 units.