Chicago Multifamily Report – September 2025
A pipeline slowdown is also helping this city.
Chicago’s multifamily market maintained its stability in the second half of the year. Average advertised asking rents were up 0.6 percent, on a trailing three-month basis through July, to $2,049, 40 basis points ahead of the U.S. The metro led all other major markets for year-over-year rent growth, at 4.1 percent as of July. Meanwhile, the national figure stood at 0.8 percent. Chicago also led growth in the single-family rental sector, clocking in at 5.9 percent in the same month.
Job growth slowed, with the year-over-year figure at 0.4 percent through May, half the 0.8 percent U.S. figure. Unemployment told a similar story, with the rate at 5.0 percent as of June, 90 basis points above the U.S., according to preliminary data from the Bureau of Labor Statistics. Through the 12 months ending in May, the metro added 17,600 net jobs, with education and health services leading growth (16,300 positions combined). Three sectors lost a combined 19,700 jobs. Still, major investments continue to be made in the metro, including the $7 billion 1901 Project, a redevelopment of the area around the United Center that was approved earlier this year.
After adding roughly 20,000 units over the past two years, Chicago’s development pipeline recently slowed down. Year-to-date through July, 2,220 units were delivered, which represented only 0.5 percent of existing stock.
