{"id":4226,"date":"2022-07-11T12:37:36","date_gmt":"2022-07-11T12:37:36","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4226"},"modified":"2023-09-13T09:11:41","modified_gmt":"2023-09-13T09:11:41","slug":"chicago-multifamily-market-report-june-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/","title":{"rendered":"Chicago Multifamily Market Report &#8211; June 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Chicago Rentals Building Good Momentum<\/h2>\n\n\n\n<p>Chicago is building on<strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-housing-market-trends-january-2022\/\"> previous solid performance<\/a><\/strong>, as the first four months of 2022 show promise for recovery. The average rent in the metro expanded 90 basis points on a trailing three-month (T3) basis through April,<strong> reaching a new high at $1,749<\/strong>, now $90 above the national average of $1,659. The Lifestyle segment saw a 0.8% increase to $2,374, while rates in RBN properties expanded 0.9% to $1,416.<\/p>\n\n\n\n<p>The <strong>metro\u2019s unemployment dropped to 4.5% as of March<\/strong>, according to preliminary data from the Bureau of Labor Statistics. In the twelve months ending in February, Chicago added 221,800 jobs for a 4.6% increase, 3 basis points behind the national average. Leisure and hospitality continued to drive employment growth, with 85,700 positions added for a 26.1% increase. The City of Chicago has selected Bally\u2019s Corp. as the recipient of its sole casino license and the developer is planning a $1.7 billion casino and hotel project on the site of the current Tribune Publishing Plant, which is expected to create more than 3,000 construction jobs annually and another 3,000 permanent operational jobs.<\/p>\n\n\n\n<p><strong>Transaction volume through April hit $868 millio<\/strong>n, up 54% from the same period in 2021. The metro had 16,640 units under development as of April and an additional roughly 99,000 units in the planning and permitting stages.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2383-MatrixMultifamilyChicagoReport-June2022\">Matrix Multifamily Chicago Report-June 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chicago Rentals Building Good Momentum Chicago is building on previous solid performance, as the first four months of 2022 show promise for recovery. The average rent in the metro expanded 90 basis points on a trailing three-month (T3) basis through April, reaching a new high at $1,749, now $90 above the national average of $1,659. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4227,"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-4226","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":"<!-- 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 - June 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-multifamily-market-report-june-2022\/\" \/>\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 - June 2022\" \/>\n<meta property=\"og:description\" content=\"Chicago Rentals Building Good Momentum Chicago is building on previous solid performance, as the first four months of 2022 show promise for recovery. The average rent in the metro expanded 90 basis points on a trailing three-month (T3) basis through April, reaching a new high at $1,749, now $90 above the national average of $1,659. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-11T12:37:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T09:11:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/07\/Chicago-iStock-1398708684.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lucia Morosanu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Chicago Multifamily Market Report - June 2022 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/","og_locale":"en_US","og_type":"article","og_title":"Chicago Multifamily Market Report - June 2022","og_description":"Chicago Rentals Building Good Momentum Chicago is building on previous solid performance, as the first four months of 2022 show promise for recovery. The average rent in the metro expanded 90 basis points on a trailing three-month (T3) basis through April, reaching a new high at $1,749, now $90 above the national average of $1,659. [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-07-11T12:37:36+00:00","article_modified_time":"2023-09-13T09:11:41+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/07\/Chicago-iStock-1398708684.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lucia Morosanu","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Chicago Multifamily Market Report &#8211; 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