Matrix Multifamily Chicago Report-September 2022

Chicago Shows Improvement

Chicago’s rent growth accelerated to 1.1 percent on a T3 basis through July, to a new high of $1,814. Demand is strong, with occupancy improving to 95.6 percent, up 100 basis points year-over-year, above pre-pandemic levels. Construction starts jumped 17 percent year-over-year, pointing to increased development activity.

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