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Chicago & Midwest  + Downtown  + Apartments  | 
Chicago Multifamily Market Headed for Further Growth according to a new northmarq report

Chicago Multifamily Market Headed for Further Growth

After a strong second quarter, Chicago’s multifamily market is projected for further growth in the remainder of 2022, Northmarq reports. The report anticipates continued rent growth—albeit more slowly–and local job growth as well as continued undersupply of new apartments. 

“While most markets across the country are recording a steep rise in deliveries this year, supply growth in Chicago is forecast to come in below trend,” says Northmarq’s report. “As a result, absorption is expected to outpace deliveries in the next several periods, supporting a slight dip in the vacancy rate.”  

Investment sales are expected to sustain momentum in coming quarters, although the number of deals will likely trail last year’s. “The sale of newer, Class A assets is forecast to pick up by year end, which will likely pull sales prices higher,” the report states. Local cap rates should average 5% to 5.5% for the balance of 2022. 


Inside The Story

Northmarq Chicago

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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