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Market Report

Chicago Multifamily Market

3Q 2023

Despite Notable Out-Migration, Vacancy Adjusts
Minimally Amid a Reduced Delivery Slate

Strong local job market aids apartment usage. In July of this year, Chicago’s unemployment rate reached 3.8 percent, its lowest point since immediately before the pandemic. This job market strength was achieved despite substantial migration outflows. By year-end, the local population will register 2 percent below its 2019 total, the fourth-largest decline behind only San Francisco, New York City and Los Angeles. Still, a tight employment landscape is benefiting multifamily demand. Over the 12-month period ending in June, vacancy among one-bedroom apartments expanded at a slower pace than two- and three-room units, suggesting a strong job market is promoting more renters to live alone rather than seek out roommates. This allowed the metrowide vacancy rate to remain 100 basis points below its long-term average in the second quarter of 2023. 

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