2025 Q2 Chicago Multifamily Market Report

Market Overview

In Q2 2025, Chicago’s multifamily market remained exceptionally tight, recording a vacancy rate of just 4.7 percent—among the lowest nationwide. Net absorption through mid-year topped 5,280 units, significantly outpacing the 3,370 units delivered. Average rent climbed to $1,878 per unit, up 4.0 percent year-over-year, with occupancy reaching a decade-high of 95.8 percent. The construction pipeline slowed sharply: only 8,300 units are underway, representing just 1.4 percent of total inventory and the lowest development pace in over ten years.

About Colliers

Colliers is a global real estate services firm based in Toronto, operating in more than 60 countries. They offer a full suite of services including brokerage, capital markets, valuation, market research, and advisory. Colliers’ multifamily Market Snapshot | - s provide timely, locally grounded insights that guide investors, owners, and developers in assessing supply–demand dynamics and strategic positioning.