{"id":7556,"date":"2024-02-08T10:33:00","date_gmt":"2024-02-08T10:33:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7556"},"modified":"2024-07-22T10:44:59","modified_gmt":"2024-07-22T10:44:59","slug":"january-2024-chicago-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/january-2024-chicago-multifamily-market-report\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 January 2024"},"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 Rents Stall, Construction Steady<\/h2>\n<p>As the economy slowed in the latter half of 2023, major multifamily markets geared up for more challenging times. Chicago weathered the storm, with some fundamentals still close to historic averages. On a trailing three-month basis through November, rents were down 0.3%, just 10 basis points lower than the national rate. Demand for multifamily remained positive, with occupancy <a href=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-january-2023\/\"><strong>up 40 basis points year-over-year<\/strong><\/a> through October, to 95.7%.<\/p>\n<p><iframe id=\"datawrapper-chart-ivW4u\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/ivW4u\/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 workforce expanded by 1.6% on a 12-month basis through September, amounting to 66,500 new jobs. Although lagging national figures, Chicago\u2019s economic growth maintained historic, pre-pandemic levels, with unemployment reaching 4.4.% in October, preliminary data from the Bureau of Labor Statistics shows. The education and health services sector was the metro\u2019s strongest performer, with 35,400 jobs gained, or a 4.8% expansion. Developers started work on a new cancer research center at UChicago\u2019s Medicine Center near Hyde Park. The $815 million facility is scheduled to open in 2027.<\/p>\n<p><iframe id=\"datawrapper-chart-oomET\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/oomET\/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>Despite a slower pace, Chicago did not see the dramatic shifts in supply dynamics seen in other major markets. A total of 6,324 units came online year-to-date through November, down 13.2% year-over-year. The metro had 16,183 units under construction and an additional 85,000 in the planning and permitting stages.<\/p>\n<p>Read the full Yardi Matrix Chicago Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5057-MatrixMultifamilyChicagoReport-January2024\"><strong>January 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Chicago Rents Stall, Construction Steady As the economy slowed in the latter half of 2023, major multifamily markets geared up for more challenging times. Chicago weathered the storm, with some fundamentals still close to historic averages. On a trailing three-month basis through November, rents were down 0.3%, just 10 basis points lower than the national [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[452,511],"class_list":["post-7556","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-2024"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Chicago\u2019s multifamily fundamentals slowed through November 2023 in line 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