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Market Report

Chicago Multifamily Market Report

Fourth Quarter 2019

Apartment Availability Quickly Diminishing; Entry-Level Buyers Find Options in Gateway Market

Wave of large developments builds on core’s prominence. Downtown Chicago continues to grow, adding corporate footprints of many high-profile firms and resultantly expanding housing inventory to account for the incoming jobs. A series of major projects underway including Lincoln Yards, The 78 and the redevelopment of the Old Main Post Office hint at the urban core’s untapped potential. Uber Freight and Walgreens are just a few companies setting up shop and creating new jobs. Sustained employment growth in the core continues to benefit apartment owners, supporting strong NOI growth as the average effective rent has climbed more than 10 percent over the past two years. The Streeterville/River North area posted the most pronounced growth during that time as rents rose in conjunction with the 160-basis-point drop to the submarket’s vacancy rate.

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