Chicago 3Q23 Multifamily Market Insights Report: Vacancies hold steady as demand keeps pace with supply growth

Highlights:

• Market performance in Chicago stabilized in the third quarter with vacancy rates holding steady even as deliveries accelerated. Some modest improvements were recorded in Class A assets and in properties located in Downtown Chicago.
• Vacancy remained at 5%, matching levels from the first two periods of the year. During the past 12 months, vacancy has inched up 30 basis points.
• Asking rents in Chicago pushed higher in the third quarter with a rise of 1.3% to $1,853 per month. Rents inched lower at the beginning of the year but have reversed course and are on a modest upswing; year-over-year, rents have advanced by 3.5%.
• Sales of multifamily properties accelerated slightly in recent months, although transaction levels are still down about 40% from the 2022 pace. The median price year to date is $248,000 per unit, pushed higher by the sale of Class A properties.

Read the report, or engage with our Chicago office to learn more.