Chicago's population has shown a modest recovery, increasing to approximately 9.41 million in the fourth quarter of 2026, marking a year-over-year growth of 1.56%. This follows a decline from a peak of about 9.51 million in 2021, with net migration contributing positively at 71,684 individuals. The median household income stands at $90,770, while the unemployment rate is reported at 5.5%. The employment base is robust, with over 4.84 million jobs, and renters comprise 34.1% of the population, indicating a stable demand for housing.
In the multifamily sector, year-over-year rent growth is recorded at 5.3%, with median gross rent at $1,469. The HUD Fair Market Rents for a two-bedroom unit are slightly below the asking rent of $1,761, which suggests a potential affordability challenge for some renters. The overall momentum in rent growth reflects a competitive market, although the disparity between HUD benchmarks and market rents may indicate pressure on affordability for lower-income households.
Capital markets for multifamily properties in Chicago are characterized by a cap rate of 7.61%, which is approximately 57 basis points higher than the national median of 7.04%. Over the trailing 24 months, there have been 4,396 transactions totaling about $5.52 billion, with a median price per unit of $149,500, which is about 25% lower than the national benchmark. This pricing dynamic, combined with steady rent growth, suggests a market that is adjusting to economic conditions while presenting opportunities for investors. CBRE Research notes that the overall economic landscape remains supportive of multifamily investment, albeit with caution regarding affordability trends.
Figures assembled automatically from public property records, third-party listing feeds, licensed market data, and federal sources (HUD, Census, BLS).
Lee & Associates has closed four office leases in Chicago’s western and northwest suburbs. Grant Bollman, senior vice president at Lee & Associates of Illinois, represented tenants in the transactions, which included Thomas Architects signing a 1,411-square-foot new lease in Arlington Heights and Thorndale Construction signing a 2,903-square-foot lease expansion…
CCRM Fertility & Gynecologic Surgeons of Illinois has signed a lease with MCB Science + Health for space at iMed Naperville Medical Office, a 72,000-square-foot medical office building in Naperville, Illinois. This represents a relocation of one of the practice’s two offices in the greater Chicago area. Wilkingson (Will) Germain,…
CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge…
StageLynk has launched an AI-powered studio search and production planning platform for the film and television industry. The Los Angeles-based startup, which also has an office in Chicago, spent several years developing a soundstage booking platform to connect studio owners and production companies. The platform provides a searchable soundstage directory…
Greenstone Partners has completed the sale of 1521 N. Milwaukee Ave., a 10,600-square-foot, two-level retail condominium in Chicago’s Wicker Park neighborhood that is 100% leased to Urban Outfitters. The property sold for $4.125 million. Managing Partner Danny Spitz and Partner Brewster Hague represented the seller, Newcastle Investors, a longtime owner…
Sterling Bay announced that retail at 123 N. Wacker Drive in Chicago’s central business district has reached 100% occupancy. “Along with ownership, we’ve invested in creating a truly compelling environment that tenants and neighbors are clearly responding to, proving that strategically curating the right mix of office, retail and amenities…
Recent acquisitions and leasing agreements indicate a positive trend in Chicago's multifamily and retail sectors.
The West Loop's multifamily developments are thriving, while the commercial market shows signs of volatility.
Recent transactions and leasing activity indicate sustained investor interest in Chicago's multifamily and industrial sectors.
| Sold | Address | Type | Units | Price | $/Unit |
|---|---|---|---|---|---|
| 2026-07-14 | 4601 N Dover St, Chicago, IL 60640 | Multifamily | 67 | $16.3M | $243,657 |
| 2026-02-27 | 7831 S Colfax Ave, Chicago, IL 60649 | Multifamily | 8 | $445K | $55,625 |
| 2026-01-12 | 1400 Chicago Ave, Evanston, IL 60201 | Multifamily | 63 | $10.5M | $166,667 |
| 2026-01-08 | 4513 N Clark St, Chicago, IL 60640 | Multifamily | 57 | $21.4M | $375,439 |
| 2026-01-06 | 632-40 Hinman Ave, Evanston, IL 60202 | Multifamily | 32 | $10.3M | $321,875 |
| 2025-12-01 | 352-356 College Ave, Valparaiso, IN 46383 | Multifamily | 12 | $2.0M | $166,667 |
| 2025-11-19 | 5553 N Magnolia Ave, Chicago, IL 60640 | Multifamily | 28 | $7.8M | $278,571 |
| 2025-07-01 | 693 N Peoria St, Chicago, IL 60642 | Multifamily | 18 | $4.3M | $237,500 |
| 2025-06-01 | 1435 W Lexington St, Chicago, IL 60607 | Multifamily | 42 | $1.5M | $35,119 |
| 2025-06-01 | 842 N Wolcott Ave, Chicago, IL 60622 | Multifamily | 6 | $2.0M | $333,333 |
| 2025-06-01 | 1859 W Chicago Ave, Chicago, IL 60622 | Multifamily | 7 | $2.8M | $392,857 |
| 2025-06-01 | 2859 S Lowe Ave, Chicago, IL 60616 | Multifamily | 43 | $1.2M | $27,093 |
| 2025-05-23 | 5515 W Gladys Ave, Chicago, IL 60644 | Multifamily | 3 | $420K | $140,000 |
| 2025-05-23 | 2227 W 21st Pl, Chicago, IL 60608 | Multifamily | 2 | $285K | $142,500 |
| 2025-05-22 | 1828 N Springfield Ave, Chicago, IL 60647 | Multifamily | 12 | $1.1M | $90,750 |
| 2025-05-22 | 1066 Mill Pond Rd Unit A, Valparaiso, IN 46385 | Multifamily | 8 | $170K | $21,250 |
| 2025-05-22 | 4834 S Loomis Blvd, Chicago, IL 60609 | Multifamily | 1 | $475K | $475,000 |
| 2025-05-21 | 5639 N Parkside Ave, Chicago, IL 60646 | Multifamily | 2 | $537K | $268,500 |
| 2025-05-21 | 1816 S Bishop St, Chicago, IL 60608 | Multifamily | 3 | $640K | $213,333 |
| 2025-05-20 | 2836 W 40th St, Chicago, IL 60632 | Multifamily | 2 | $510K | $255,000 |
| 2025-05-20 | 2525 W Lyndale St, Chicago, IL 60647 | Multifamily | 2 | $560K | $280,000 |
| 2025-05-20 | 612 10th St, Racine, WI 53403 | Multifamily | 3 | $128K | $42,517 |
| 2025-05-20 | 1228 Wellington Ave, Chicago, IL 60657 | Multifamily | — | $1.1M | — |
| 2025-05-20 | 220 College Ave, Dekalb, IL 60115 | Multifamily | — | $255K | — |
| 2025-05-19 | 4917 Wegg Ave, East Chicago, IN 46312 | Multifamily | — | $105K | — |
| 2025-05-19 | 2632 21st St, Chicago, IL 60608 | Multifamily | — | $875K | — |
| 2025-05-19 | 2341 18th Pl, Chicago, IL 60608 | Multifamily | — | $480K | — |
| 2025-05-19 | 4020 Deodar St, East Chicago, IN 46312 | Multifamily | 1 | $135K | $135,000 |
| 2025-05-19 | 5013 S California Ave, Chicago, IL 60632 | Multifamily | 2 | $385K | $192,500 |
| 2025-05-19 | 1721 N Artesian Ave, Chicago, IL 60647 | Multifamily | 2 | $735K | $367,500 |
| 2025-05-19 | 1806 S Carpenter St, Chicago, IL 60608 | Multifamily | 7 | $785K | $112,143 |
| 2025-05-19 | 5219 N Bernard St, Chicago, IL 60625 | Multifamily | 2 | $650K | $325,000 |
| 2025-05-19 | 25 S Albany Ave, Chicago, IL 60612 | Multifamily | 2 | $435K | $217,500 |
| 2025-05-17 | 4559 S Michigan Ave, Chicago, IL 60653 | Multifamily | 1 | $470K | $469,900 |
| 2025-05-17 | 8321 S Drexel Ave, Chicago, IL 60619 | Multifamily | 28 | $1.2M | $41,454 |
| 2025-05-16 | 1824 W Hood Ave, Chicago, IL 60660 | Multifamily | 3 | $782K | $260,667 |
| 2025-05-16 | 4732 W Shakespeare Ave, Chicago, IL 60639 | Multifamily | 2 | $490K | $245,000 |
| 2025-05-16 | 4714 Talman Ave, Chicago, IL 60625 | Multifamily | — | $1.2M | — |
| 2025-05-16 | 1147 W 17th St, Chicago, IL 60608 | Multifamily | 2 | $595K | $297,500 |
| 2025-05-16 | 1444 W Balmoral Ave, Chicago, IL 60640 | Multifamily | 3 | $920K | $306,500 |
| 2025-05-16 | 1438 19th Ave, Gary, IN 46407 | Multifamily | — | $124K | — |
| 2025-05-16 | 3407 N Lowell Ave, Chicago, IL 60641 | Multifamily | 3 | $600K | $199,967 |
| 2025-05-16 | 2139 N Sedgwick St, Chicago, IL 60614 | Multifamily | 3 | $1.3M | $425,000 |
| 2025-05-16 | 3320 S Lowe Ave, Chicago, IL 60616 | Multifamily | 2 | $685K | $342,500 |
| 2025-05-16 | 105 McHenry Ave, Crystal Lake, IL 60014 | Multifamily | — | $325K | — |
| 2025-05-16 | 223 4th St, Aurora, IL 60505 | Multifamily | — | $339K | — |
| 2025-05-16 | 1626 59th St, Kenosha, WI 53140 | Multifamily | — | $205K | — |
| 2025-05-16 | 1109 W 16th St #2, Chicago, IL 60608 | Multifamily | 2 | $560K | $280,000 |
| 2025-05-16 | 4310 S Whipple St, Chicago, IL 60632 | Multifamily | 2 | $583K | $291,250 |
| 2025-05-16 | 565 W Arlington Pl, Chicago, IL 60614 | Multifamily | 9 | $1.4M | $152,778 |
Recorded multifamily sales from public property records and third-party listing feeds over the trailing 24 months — a partial sample, not an exhaustive market index. Sources & methodology →
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