{"id":1219,"date":"2021-06-28T10:34:44","date_gmt":"2021-06-28T10:34:44","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1219"},"modified":"2023-09-12T14:48:36","modified_gmt":"2023-09-12T14:48:36","slug":"chicago-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-summer-2021\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Gateway Markets Begin Recovery, Chicago Follows Suit<\/h3>\n\n\n\n<p>As Illinois nears the final steps in the state\u2019s reopening plan, the road to economic recovery is slowly gaining ground. As is the case with other hard-hit gateway markets, Chicago\u2019s rebound is gradually taking shape. Although faced with challenges through 2020, the metro\u2019s multifamily fundamentals have endured\u2014as of April, rents were up 0.5% on a trailing three-month basis, to $1,532, above the $1,417 U.S. average.<\/p>\n\n\n\n<p>In the 12 months ending in February, Chicago lost a combined 394,300 jobs, for an 8.4% contraction. As of March, unemployment stood at 7.1% in Illinois and 7.7% in metro Chicago, both behind the 6.0% U.S. rate. <a href=\"https:\/\/www.yardimatrix.com\/blog\/covid-cash-kicks-off-new-policy-era-for-cre\/\"><strong>The $1.9 trillion American Rescue Plan<\/strong><\/a> allocated an estimated $7.5 billion in direct aid to Illinois and $5.5 billion to local governments, including $1.8 billion earmarked for the city of Chicago.<\/p>\n\n\n\n<p>Chicago had 16,959 rental units under construction as of April, with 86% of those targeting high-income renters. In total, Yardi Matrix expects 7,855 units to come online across the metro this year, virtually on par with deliveries recorded in 2020. Meanwhile, investment sales were off to a solid start in 2021, with 22 assets totaling 4,760 units trading for $522 million in the first quarter of the year.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1268-MatrixMultifamilyChicagoReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Chicago Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 45px;\" aria-hidden=\"true\">\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gateway Markets Begin Recovery, Chicago Follows Suit As Illinois nears the final steps in the state\u2019s reopening plan, the road to economic recovery is slowly gaining ground. As is the case with other hard-hit gateway markets, Chicago\u2019s rebound is gradually taking shape. Although faced with challenges through 2020, the metro\u2019s multifamily fundamentals have endured\u2014as of [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[452,221],"class_list":["post-1219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-chicago","tag-multifamily-outlook-2021"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chicago Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"In April, Chicago rents were up 0.5% on a trailing three-month basis to $1,532, above the $1,417 U.S. average.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"In April, Chicago rents were up 0.5% on a trailing three-month basis to $1,532, above the $1,417 U.S. average.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-28T10:34:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T14:48:36+00:00\" 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