{"id":6519,"date":"2023-10-10T08:35:27","date_gmt":"2023-10-10T08:35:27","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6519"},"modified":"2024-03-12T16:30:42","modified_gmt":"2024-03-12T16:30:42","slug":"chicago-multifamily-market-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2023\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 September 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>Rent Growth Strong, Construction Slow<\/h2>\n<p>Chicago\u2019s fundamentals remained solid in the context of a wider economic slowdown. Rent development in the metro clocked in at 0.9% on a trailing three-month basis through July\u201460 basis points higher than the U.S. figure\u2014with average rates at $1,895. On a year-over-year basis, <a href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2022\/\"><strong>Chicago ranked fourth among all major metros tracked by Yardi Matrix<\/strong><\/a>, at 5.2%. Overall occupancy remained high, at 95.6% as of June, 60 basis points above the U.S. rate.<\/p>\n<p><iframe id=\"datawrapper-chart-uu9XC\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/uu9XC\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Chicago\u2019s unemployment rate was 4.3% in June. Although it inched up from the previous month, it remained 40 basis points lower than January\u2019s figure. Meanwhile, the U.S. rate stood at 3.6% and Illinois at 4.0%. Job growth slowed, as the market felt the impact of economic headwinds. Over the 12-month period ending in May, the metro\u2019s labor pool expanded 2.0%, with 81,900 jobs added. Most sectors recorded growth, led by leisure and hospitality (up 7.4% or 33,400 jobs) and education and health services (up 4.3% or 31,300 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-QXNS7\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/QXNS7\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Like most other major metros, Chicago\u2019s development activity also slowed, with new inventory accounting for 0.7% of existing stock, or 2,691 deliveries, this year through July. The figure was down 54.0% year-over-year, however, the supply pipeline remained strong, with 15,298 units under construction and an additional 89,000 in the planning and permitting stages.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4495-MatrixMultifamilyChicagoReport-September2023\">Matrix Multifamily Chicago Report-September 2023<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Strong, Construction Slow Chicago\u2019s fundamentals remained solid in the context of a wider economic slowdown. Rent development in the metro clocked in at 0.9% on a trailing three-month basis through July\u201460 basis points higher than the U.S. figure\u2014with average rates at $1,895. On a year-over-year basis, Chicago ranked fourth among all major metros [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6520,"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-6519","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 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Chicago has resisted the slowing economy, with YoY rent growth at 5.2% as of July, among the highest in the U.S., Yardi 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