- Asking and Effective Rents Rise: Both asking and effective rental rates have increased 3.8% and 3.9% YOY, respectively.
- Development Pipeline: There were 16 projects delivered across the Chicago market during Q2 2023, totaling 3,004 units. There were an additional 47 projects under construction, which will increase inventory by nearly 10,000 new units to the market upon completion.
- Median Household Income Rises: Chicago’s median household income increased 3.2% YOY to $81,500. This is 11.8% over the national average of $72,900.
- Property Sales: There were 18 multifamily sales during Q2 2023, totaling 4,295 units. This represents a 40.0% decline in the number of units traded YOY. However, transaction volume did record a 40.1% increase YOY, totaling $738M with an average price per unit of $187,200.
- Household Growth Strong in City of Chicago: The number of households within Chicago’s metro area grew 0.7% between the 2020 census and 2023, a net increase of 26,741 households. Over the same period, the City of Chicago added 9,578 households (+0.8%).
Chicago Multifamily Five Fast Facts
7/21/2023
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