Chicago Multifamily Market Report – January 2025

Market Overview

Chicago’s multifamily market began 2025 with modest signs of recovery following a year of muted rent performance. Rent growth turned positive at 1.1% year-over-year, bolstered by strong job gains and stable demand in urban submarkets. Development activity, while still active, is slowing in the face of capital market constraints, with just over 5,000 units under construction—a significant pullback from recent peaks. Suburban areas continue to outperform the urban core in occupancy, while Class A properties in the city are seeing increased leasing traction after a challenging 2023.

About Yardi Matrix

Yardi Matrix is a premier real estate data platform that delivers property-level insights across the multifamily, office, industrial, and self-storage sectors. With a reputation for accuracy and depth, the platform is used by top-tier investors and operators seeking real-time visibility into rent trends, occupancy, ownership, and pipeline activity. Yardi’s metro-specific reports offer detailed breakdowns by asset class and submarket, helping readers anticipate shifts in supply, demand, and pricing dynamics.

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