Where Chicago's next multifamily units will be built

Chicago’s multifamily development pipeline is expected to slow significantly over the next three years. This follows a lengthy period of high activity, including strong construction totals between 2015 and 2019, when annual construction often ranged from 5,000 to over 10,000 units. The period from 2023 to 2025 was similarly active, with an average of more than 8,400 units annually. Those years were supported by projects started before construction costs and financing conditions rose.