4Q 2019 Chicago Area Apartment Market Report

Robust Rental Demand Reduces Vacancy to 19-Year Low;
Strong Operations Keep Multifamily Investors Active

Leasing activity sustains momentum, supported by record low unemployment. Low interest rates and strong performance trends support investment activity, but investor caution remains elevated.

Key Features Include:

  • Absorption continues to outpace elevated supply as developers struggle to keep up with demand
  • National vacancy rate dropped to lowest rate since 2000
  • Availability especially limited in lower-cost Class B and C properties

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