{"id":8321,"date":"2024-10-08T09:35:00","date_gmt":"2024-10-08T09:35:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8321"},"modified":"2025-02-07T09:45:46","modified_gmt":"2025-02-07T09:45:46","slug":"chicago-multifamily-market-report-september-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2024\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 September 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<h2>Employment Struggles, Rents Lead US<\/h2>\n<p>The metro\u2019s multifamily fundamentals were mixed in the third quarter, according to the latest Chicago multifamily market report. Advertised asking rents were up 0.4%, to $1,938, on a trailing three-month basis, 10 basis points above the U.S., as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. Rates in the metro were up 2.0% year-over-year, which was more than double the 0.8% national figure. Occupancy remained healthy, dipping only 20 basis points year-over-year, to 95.6% in June, above the U.S.\u2019 94.6%.<\/p>\n<p><iframe id=\"datawrapper-chart-Jp79u\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/Jp79u\/1\/\" height=\"328\" 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>Unemployment reached its highest rate since August 2021, at 6.4% in July, according to preliminary data from the Bureau of Labor Statistics. It also stood 230 basis points higher than the U.S. figure. Over the 12 months ending in May, Chicago gained 12,700 net jobs, or a 0.2% expansion. Growth significantly lagged the nation\u2019s 1.3%. Education and health services led gains with 22,200 jobs, while professional and business services recorded a loss of 30,400 positions.<\/p>\n<p><iframe id=\"datawrapper-chart-1xwJG\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/1xwJG\/1\/\" height=\"423\" 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>Chicago\u2019s multifamily supply pipeline saw some disruptions, as only 2,957 units were added in the first seven months of the year. This accounted for 0.7% of existing stock, significantly below the national 1.4% rate. Starts were also down, with 15,257 units under construction. Meanwhile, investment volume totaled $651 million year-to-date through July, less than half of last year\u2019s $1.5 billion.<\/p>\n<p>Read the full Yardi Matrix Chicago Multifamily Market Report: <a href=\"\/publications\/download\/file\/6216-MatrixMultifamilyChicagoReport-September2024\" rel=\"\"><strong>September 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Employment Struggles, Rents Lead US The metro\u2019s multifamily fundamentals were mixed in the third quarter, according to the latest Chicago multifamily market report. Advertised asking rents were up 0.4%, to $1,938, on a trailing three-month basis, 10 basis points above the U.S., as noted in the national multifamily market report. Rates in the metro were [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7863,"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-8321","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 September 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Chicago\u2019s average advertised asking rents were up 2.0 percent YoY through July, to $1,938, maintaining momentum, Yardi Matrix reports.\" \/>\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-2024\/\" \/>\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 \u2013 September 2024\" \/>\n<meta property=\"og:description\" content=\"Chicago\u2019s average advertised asking rents were up 2.0 percent YoY through July, to $1,938, maintaining momentum, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-september-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T09:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-07T09:45:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Chicago-iStock-2167371585.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=\"Adina Rogoz\" \/>\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 \u2013 September 2024 - 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