Chicago Multifamily Report – January 2026
Key fundamentals are at their highest point in years.
Chicago’s average advertised asking rent slid 0.1 percent, on a trailing three-month basis through November 2025, to $2,037, 20 basis points above the U.S. figure. On a year-over-year basis, however, the metro’s performance remained solid, with rates up 3.8 percent, behind only New York City among all major markets tracked by Yardi Matrix. Occupancy for stabilized assets was up 40 basis points year-over-year through October, to 96.3 percent—160 basis points ahead of the U.S. average and a solid indicator of the market’s strength, considering more than 20,000 units were added in 2023 and 2024 combined.
Chicago’s employment growth was 0.5 percent year-over-year through August, 30 basis points below the U.S. average. Unemployment clocked in at 4.2 percent in September—its lowest point over the previous 12 months, according to data from the Bureau of Labor Statistics. Chicago added 25,700 net jobs over the 12-month period ending in August. Education and health services led gains, with 18,100 jobs added. A $20 billion economic boost is expected to come from the development of the Illinois Quantum and Microelectronics Park, which broke ground in September.
A total of 3,838 units came online this year through November across the metro, 0.9 percent of existing stock and 190 basis points below the national rate. Meanwhile, transaction activity remained strong, with $3.1 billion in assets trading in 2025 through November.
