{"id":9010,"date":"2025-02-03T10:15:00","date_gmt":"2025-02-03T10:15:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=9010"},"modified":"2025-07-09T10:28:54","modified_gmt":"2025-07-09T10:28:54","slug":"chicago-multifamily-market-report-january-2025","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-january-2025\/","title":{"rendered":"Chicago Multifamily Market Report \u2013 January 2025"},"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 Down, Occupancy Moves Up<\/h2>\n<p>Mirroring the national negative movement, Chicago\u2019s average advertised asking rents were down 0.2%, on a trailing three-month basis, through November, according to the latest Chicago multifamily market report. Short-term rent growth crested in the summer, reaching 0.8%, but turned negative as fall moved in. The metro\u2019s occupancy rate was 95.7% as of October, outpacing the U.S. average of 94.8%, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-K9qle\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/K9qle\/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>Metro Chicago\u2019s unemployment rate stood at 5.1% as of September, based on data from The Bureau of Labor Statistics. The average was a full percentage point above the U.S. figure. Metro Chicago added a net total of 4,600 jobs during the year ending in September, impacted by four sectors that shed a total of 40,500 jobs. The Committee on Zoning recently approved two adaptive reuse projects. One would transform an office building at 65 E. Wacker into a 252-unit residential tower and the second would convert The Evergreen Building into a 47-unit property. Additionally, Prologis is converting a warehouse at 800 E. Devon Ave. into a data center.<\/p>\n<p><iframe id=\"datawrapper-chart-If2xK\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Chicago Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/If2xK\/1\/\" height=\"433\" 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 developers completed 4,919 units year-to-date through November and had an additional 12,756 units under construction. Investment activity has gained momentum compared to the first half of the year. In the first half of 2024, sales totaled $699 million, but with one month left in the year, total sales volume was $1.9 billion.<\/p>\n<p>Read the full Yardi Matrix Chicago Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6781-MatrixMultifamilyChicagoReport-January2025\" rel=\"\"><strong>January 2025<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Down, Occupancy Moves Up Mirroring the national negative movement, Chicago\u2019s average advertised asking rents were down 0.2%, on a trailing three-month basis, through November, according to the latest Chicago multifamily market report. Short-term rent growth crested in the summer, reaching 0.8%, but turned negative as fall moved in. The metro\u2019s occupancy rate was [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[452,513],"class_list":["post-9010","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-2025"],"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 2025 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Average advertised asking rents in Chicago were down 0.2 percent on a T3 basis in November, in line with the national drop.\" \/>\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-january-2025\/\" \/>\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 January 2025\" \/>\n<meta property=\"og:description\" content=\"Average advertised asking rents in Chicago were down 0.2 percent on a T3 basis in November, in line with the national drop.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/chicago-multifamily-market-report-january-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-03T10:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-09T10:28:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/10\/Chicago_iStock-2192288920-feature.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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=\"Agota Felhazi\" \/>\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 January 2025 - 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