Chicago, IL Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

Chicago's multifamily market led the 50 largest markets nationally in both annual rent growth and occupancy in Q1 2026, with average rent at $1,919, up 3.0% year-over-year, and occupancy at 95.4%, down just 20 basis points annually. New completions over the past year declined 34% from the prior four-quarter period, and the active pipeline at just 1.7% of inventory represents one of the most constrained supply positions among major markets, setting the stage for continued stability. Average effective rents posted a 1.9% quarter-over-quarter gain in Q1, reversing two consecutive mild quarterly declines, with structural supply constraints and durable renter demand distinguishing Chicago from most major peers. NOTE: The full report requires submitting contact information through a download form; the description above reflects publicly visible market snapshot data only.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their Q1 2026 Chicago multifamily market snapshot tracks rent, occupancy, absorption, and supply trends to help owners and investors assess market timing. To read the full report, click here.