Rents Stay on Top, Supply Slows
Chicago’s multifamily market maintained its stability in the second half of the year, according to the latest Chicago multifamily market report. Average advertised asking rents were up 0.6%, on a trailing three-month basis through July, to $2,049, 40 basis points ahead of the U.S. The metro led all other major markets for year-over-year rent growth, at 4.1% as of July. Meanwhile, the national figure stood at 0.8%, as noted in the U.S. multifamily market report. Chicago also led growth in the single-family rental sector, clocking in at 5.9% in the same month.
Job growth slowed, with the year-over-year figure at 0.4% through May, half the 0.8% U.S. figure. Unemployment told a similar story, with the rate at 5.0% as of June, 90 basis points above the U.S., according to preliminary data from the Bureau of Labor Statistics. Through the 12 months ending in May, the metro added 17,600 net jobs, with education and health services leading growth (16,300 positions combined). Three sectors lost a combined 19,700 jobs. Still, major investments continue to be made in the metro, including the $7 billion 1901 Project, a redevelopment of the area around the United Center that was approved earlier this year.
After adding roughly 20,000 units over the past two years, Chicago’s development pipeline recently slowed down. Year-to-date through July, 2,220 units were delivered, which represented only 0.5% of existing stock.
Read the full Yardi Matrix Chicago Multifamily Market Report: September 2025
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