Chicago Multifamily Market
Report

Supply-side dynamics vary by geography. The pace of inventory growth in Chicago’s apartment market ranked among the slowest of major metros over the past three years, a pattern expected to continue in 2026 as deliveries drop below 4,000 units for the first time since 2012. This should aid Class A performance, where vacancy fell to the mid-3 percent range in 2025, its lowest level in at least 20 years. Among submarkets, the CBD will benefit from nearly scant construction, with vacancy in 2025 reaching its lowest level since at least 2006. Similarly, South Cook and Will counties are entering 2026 on a solid footing, with vacancy near 2 percent and limited development. In contrast, the Lake County-Kenosha submarket is slated for the most completions in 2026, potentially pushing vacancy up from roughly 3 percent in 2025. While the key renter cohort of 20- to 34-year-olds is shrinking slightly metrowide, Chicago’s diverse economy helps protect the labor market from sector-specific shocks. No sector accounts for more than 13 percent of the region’s economic output — one of the most balanced compositions among major U.S. metros.