Key Highlights:
- Recent Chicago apartment market conditions were supported by a moderation of new completions.
- Several suburban submarkets had more than 10% rent growth year-over-year, including South Chicago Heights, Yorkville, Crystal Lake, and West Zion.
- The Chicago investment market remained sluggish, with the 12-month rolling transaction volume at half the level seen during the same period in 2023.
- Looking ahead, the Chicago apartment market is expected to steadily improve due to the combination of limited new construction and steady demand from a variety of near- and long-term factors.
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Additional Insights:
Apartment demand is expected to remain steady going forward. Chicago is one of the largest markets in the U.S. and is home to a large number of top universities and attractive job opportunities. Looking ahead, the limited level of new projects underway is expected to stabilize operating conditions. Approximately 8,100 units are under construction in suburban Chicago – 4.3% of the 2023 existing inventory. Slightly more than a quarter of the units under construction are located in the Bolingbrook, St. Charles, and Yorkville submarkets.
Limited New Completions Stabilize the Apartment Market, one of Lument’s two Q3 2024 market spotlights, was developed in partnership with Rosen Consulting Group, and gives an in-depth look at the Chicago, Illinois market.
