Resources

Chicago Class A Multifamily
Market Update – 2024 Year in Review

Download our Chicago Class A Multifamily Market Update – 2024 Year in Review for an inside look at key trends shaping the Chicago apartment market.

The report dives deep into trends, exploring submarket variations, the impact of seasonality, and the influence of income qualifications on renter choices. It also provides critical guidance on revenue management, resident retention, and navigating the evolving renter landscape. Developers and investors who understand the newest renter trends can position themselves for success in an increasingly competitive landscape.

Download the 2024 Market Update

Stay Ahead of the Market

The Downtown Chicago Apartments 2024 Annual Market Update covers:

  • Data-driven insights into rent trends and demand drivers
  • Submarket performance breakdowns to identify key opportunities
  • Strategic considerations for developers and investors
  • Forward facing projections for 2025 and beyond

With limited new inventory and increasing demand, momentum is strong for downtown Chicago apartments.

Inside the Report

  • Record Rents: Average gross rents exceeded $3,000 for the first time ever in 2024, up 2.8% year-over-year.
  • Rental Volume Surge: Total rental volume jumped a significant 33% in 2024, with nearly two-thirds occurring between March and August.
  • Affordability Shift: With rising rents, studios and convertibles now make up 30% of total rentals, and increasing.
  • 2025 Tight Market: Limited new lease-ups in 2025 are expected to create a tight market, driving increased rental growth and minimal concessions. Expect high retention rates.