Chicago’s multifamily market strengthens, rebounds from pandemic

Multifamily rents rose nationally in April indicating ongoing recovery from the pandemic, according to the latest Yardi Matrix Multifamily National Report.

Overall, markets saw positive performance indicators for the first time in months, including a 1.6% year-over-year increase in rents — good news for owners and investors.

Matrix analysts said this is the largest increase they’ve seen since the start of the pandemic.

All of the top 30 markets analyzed had positive month-over-month rent growth, the first time this has happened since March 2020. Monthly rents increased by $10 in April to $1,417, the largest year-over-year increase by dollar amount since June 2015, according to the report.

Twenty-four of the 30 markets Matrix analyzed had month-over-month rent growth of more than 0.5%.

Chicago showed strong gains with a 0.5% rent growth rate on a trailing three-month basis.

Analysts said they expect these gains to strengthen as summer begins.