{"id":4875,"date":"2022-10-10T10:33:10","date_gmt":"2022-10-10T10:33:10","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4875"},"modified":"2023-09-13T05:09:39","modified_gmt":"2023-09-13T05:09:39","slug":"chicago-multifamily-market-report-september-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/","title":{"rendered":"Chicago Multifamily Market Report &#8211; September 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Room for Improvement in Chicago\u2019s Fundamentals<\/h2>\n\n\n\n<p>Chicago\u2019s rental market<strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-june-2022\/\"> continued on a solid trajectory<\/a><\/strong>, but relative to other gateway markets, it is still playing catch-up. <strong>Rents in the metro advanced 1.1%<\/strong> on a trailing three-month (T3) basis through July, to $1,814, exceeding the U.S. rate by 10 basis points after lagging for the first half of the year. On a year-over-year basis, rents were up 9.6%, 300 basis points behind the U.S. figure and behind most other major metros.<\/p>\n\n\n\n<p>The<strong> metro\u2019s unemployment rate reached 4.8%<\/strong> as of June, according to preliminary data from the Bureau of Labor Statistics, having increased 70 basis points from its lowest point in April (4.1%). Still, the metro is faring better compared to 2021\u2014over the 12 months ending in May, Chicago added 212,100 jobs, representing a 4.9% increase. Chicago launched its first citywide plan in over 50 years. Dubbed \u201c<a href=\"https:\/\/wewillchicago.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">We Will Chicago<\/a>,\u201d the 10-year framework aims to reduce the city\u2019s social and economic inequities. Following policy discussions, a public feedback process and an estimated $4 million to create it, the plan will be implemented in 2023.<\/p>\n\n\n\n<p>Multifamily <strong>transactions amounted to $1.4 billion<\/strong> for the first seven months of 2022, down 14% year-over-year, after 2021 saw a record $3.9 billion in sales. Development activity stayed strong, as Chicago had 16,196 units under construction, more than 75% of which target Lifestyle renters<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2798-MatrixMultifamilyChicagoReport-September2022\">Matrix Multifamily Chicago Report-September 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>Room for Improvement in Chicago\u2019s Fundamentals Chicago\u2019s rental market continued on a solid trajectory, but relative to other gateway markets, it is still playing catch-up. Rents in the metro advanced 1.1% on a trailing three-month (T3) basis through July, to $1,814, exceeding the U.S. rate by 10 basis points after lagging for the first half [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4876,"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-4875","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 - September 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Chicago\u2019s rental market continued on a solid trajectory, but relative to other gateway markets, it is still playing catch-up.\" \/>\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-september-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 - September 2022\" \/>\n<meta property=\"og:description\" content=\"Chicago\u2019s rental market continued on a solid trajectory, but relative to other gateway markets, it is still playing catch-up.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-10T10:33:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:09:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Chicago-iStock-1414470752.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=\"Tudor Scolca-Seusan\" \/>\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 - September 2022 - Yardi Matrix Blog","description":"Chicago\u2019s rental market continued on a solid trajectory, but relative to other gateway markets, it is still playing catch-up.","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-september-2022\/","og_locale":"en_US","og_type":"article","og_title":"Chicago Multifamily Market Report - September 2022","og_description":"Chicago\u2019s rental market continued on a solid trajectory, but relative to other gateway markets, it is still playing catch-up.","og_url":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-10-10T10:33:10+00:00","article_modified_time":"2023-09-13T05:09:39+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Chicago-iStock-1414470752.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tudor Scolca-Seusan","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Chicago Multifamily Market Report &#8211; 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