{"id":5642,"date":"2023-02-19T11:15:40","date_gmt":"2023-02-19T11:15:40","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5642"},"modified":"2024-03-12T16:22:31","modified_gmt":"2024-03-12T16:22:31","slug":"chicago-multifamily-market-report-january-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-january-2023\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 January 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/chicago-multifamily-market-report\/\">Chicago Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Chicago\u2019s Reserved Rent Growth<\/h2>\n<p>Chicago\u2019s multifamily market followed national patterns, as inflation and other economic headwinds produced noticeable effects. The metro\u2019s rent growth recorded only a 0.1% uptick on a trailing three-month basis through November but also remained 20 basis points ahead of the national rate. The average rent reached $1,816, $97 above the U.S. average.<\/p>\n<p><iframe id=\"datawrapper-chart-ZF7Fc\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/ZF7Fc\/1\/\" height=\"383\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/\"><strong>Economic improvements continued through the year<\/strong><\/a>, as the metro\u2019s unemployment rate clocked in at 4.4% in October, preliminary data from the Bureau of Labor Statistics shows. This was a 70-basis-point drop from January 2022, but still behind the 3.7% U.S. rate. Over a 12-month period ending in September, the metro\u2019s labor pool expanded by 4.4%\u201420 basis points higher than the national rate\u2014representing an addition of 202,600 jobs across all sectors. The $3.6 billion project to extend the Red Line in South Side Chicago received a funding boost. The city council approved a Transit Tax Increment Financing district, which is expected to fund $959 million of the total cost.<\/p>\n<p><iframe id=\"datawrapper-chart-Kjz5k\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Kjz5k\/1\/\" height=\"558\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p>Construction activity slowed down in 2022, with developers bringing 5,866 units online year-to-date through November\u2014a 1.5% expansion of stock. This was a 15.3% drop from the same period in 2021 and 50 basis points below the U.S. rate of construction. Meanwhile, investor appetite remained high, as $3 billion in multifamily sales was generated during this period.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3356-MatrixMultifamilyChicagoReport-January2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Chicago Report-January 2023<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chicago\u2019s Reserved Rent Growth Chicago\u2019s multifamily market followed national patterns, as inflation and other economic headwinds produced noticeable effects. The metro\u2019s rent growth recorded only a 0.1% uptick on a trailing three-month basis through November but also remained 20 basis points ahead of the national rate. The average rent reached $1,816, $97 above the U.S. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[452,475],"class_list":["post-5642","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-2023"],"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 January 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Chicago rents rose 0.1% on a T3 basis through November, 20 basis points above the nation\u2019s growth rate, Yardi Matrix reports.\" \/>\n<meta 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