Chicago, IL Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Chicago posted 3.7% year-over-year rent growth in Q4 2025, one of the strongest performances among major U.S. markets and more than triple the national average of 1.1%. Average effective rent reached $1,913 per unit, with Downtown Chicago leading at $2,984 per unit, up 6.4% annually. Occupancy held at 95.0%, above the 10-year market average of 93.7%, with 24 of 26 submarkets at or above 93.0%. Supply remained disciplined: 4,949 units delivered in 2025, down 43.1% from the prior year, keeping inventory growth at just 1.0%. Units under construction rose to 9,735, with 56% of the 26,845 proposed units concentrated downtown, particularly in West Loop/Fulton Market. Investment activity reinforced confidence, with eight notable Q4 sales including three Downtown assets trading above $330,000 per unit.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Chicago Q4 2025 multifamily MarketBeat covers occupancy, effective rents, net absorption, and construction activity across 26 submarkets to help owners and investors assess market conditions. To read the full report, click here.