Chicago’s multifamily market has posted 3.3% annual asking rent growth over the past year, ranking second among the top 40 U.S. markets, behind only San Francisco at 5.4%. Since early 2024, Chicago has consistently ranked among the top five U.S. markets for asking rent growth. This strength is largely driven by a highly constrained development pipeline, with minimal new supply entering the market.
Premium assets lead the charge in Chicago multifamily rent growth
Constrained supply and amenity demand reshape the market
CoStar Analytics
November 19, 2025 | 9:05 P.M.
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