Chicago 2Q23 Multifamily Market Insights Report: Investors continue to target Class A properties

Highlights:

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• Property performance metrics in Chicago were mostly stable during the second quarter with the vacancy rate holding steady and asking rents ticking higher. The market should maintain its current trajectory through the end of 2023.
• Vacancy in the second quarter was 5%, identical to the rate in the first quarter. Year over year, local vacancy rose 20 basis points. During the past five years, the vacancy rate has remained in a tight range.
• Asking rents in Chicago inched higher during the second quarter, rising 0.2% to $1,830 per month. Average rents are up 4.7% from one year ago.
• The multifamily investment market in Chicago continued to slow during the second quarter while prices remained elevated from last year. A surge in the sale of Class A properties has caused the median sales price to spike to $250,200 per unit.

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