{"id":3072,"date":"2022-02-03T12:53:43","date_gmt":"2022-02-03T12:53:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3072"},"modified":"2023-09-21T07:49:13","modified_gmt":"2023-09-21T07:49:13","slug":"chicago-housing-market-trends-january-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-housing-market-trends-january-2022\/","title":{"rendered":"Chicago Housing Market Trends (January 2022)"},"content":{"rendered":"

Small Steps Forward<\/strong><\/h2>\n

While Chicago\u2019s multifamily market is showing positive signs<\/strong>, the metro\u2019s road to recovery will likely take some time. Rents averaged $1,689 in November<\/strong>, though the metro\u2019s 0.5% rent growth, on a trailing three-month (T3) basis, places it significantly behind the national expansion of 1.0% during the same period. Working-class Renter-by-Necessity and Lifestyle rates grew by a respective 0.5% and 0.4%, to $1,362 and $2,315. Rising occupancy figures may place upward pressure on rents in the near term.<\/p>\n

Chicago added nearly 117,000 jobs<\/strong> during the 12 months ending in September, for an overall gain of 2.7% year-over-year. Nearly every sector realized gains during this period, with the largest increases in leisure and hospitality (up 10.7% over the year) and professional and business services (4.1%). The metro\u2019s unemployment rate, at 5.4% in October, marked a drop following an upswing in June.<\/p>\n

Transaction volume hit $2.8 billion year-to-dat<\/strong>e through November, registering a 92% gain compared to 2020\u2019s total volume. Investors primarily targeted RBN assets<\/strong>, which accounted for more than two-thirds of the total. The metro\u2019s development activity has been somewhat muted; while nearly 16,500 units were under construction at the end of November, deliveries totaled 5,360 units year-to-date, far less than the deliveries recorded in any of the past five years.<\/p>\n

Read the full Matrix Multifamily Chicago Report-January 2022<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Small Steps Forward While Chicago\u2019s multifamily market is showing positive signs, the metro\u2019s road to recovery will likely take some time. Rents averaged $1,689 in November, though the metro\u2019s 0.5% rent growth, on a trailing three-month (T3) basis, places it significantly behind the national expansion of 1.0% during the same period. Working-class Renter-by-Necessity and Lifestyle […]<\/p>\n","protected":false},"author":650,"featured_media":3073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[452,444],"class_list":["post-3072","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-2022"],"yoast_head":"\nChicago Housing Market Trends (January 2022) - Yardi Matrix Blog<\/title>\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-housing-market-trends-january-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Housing Market Trends (January 2022)\" \/>\n<meta property=\"og:description\" content=\"Small Steps Forward While Chicago\u2019s multifamily market is showing positive signs, the metro\u2019s road to recovery will likely take some time. Rents averaged $1,689 in November, though the metro\u2019s 0.5% rent growth, on a trailing three-month (T3) basis, places it significantly behind the national expansion of 1.0% during the same period. 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