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Market Report

Chicago Multifamily Market Report

Third Quarter 2019

Sizable Employment Gains Underpin Surge in Demand as Deliveries Reach New High

Hiring on the rise throughout Chicagoland. Job growth has nearly doubled from one year ago as employers fill open positions at a faster pace. Many of the jobs are located in downtown Chicago as companies continue to move to the city core to attract young workers who prefer an urban lifestyle. Walgreens Boots Alliance and snack maker Mondelez are two of the latest to leave the suburbs for city locations, bringing hundreds of jobs with them. Workers moving to the metro and rising incomes that afford more people to set up residences of their own have resulted in the addition of roughly 19,000 households during the past four quarters, producing the need for additional housing options. Increased home prices, especially in trendy neighborhoods with desired amenities, have priced many out of homeownership, keeping them in the renter pool longer. The elevated demand for rentals has dropped marketwide vacancy in the second quarter to a three-year low. 

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