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Apartment Market to See Sold Gains in 2017

CHICAGO—The Chicago region's market may be approaching a peak, but relatively healthy job growth should help drive rent growth in the city and suburbs this year.

By Brian J. Rogal | brianjrogal | Updated on February 17, 2017

chi-Woodview-Front-21 (2) Woodview Apartments in Deerfield, IL recently sold for about $82 million.

CHICAGO—The Chicago region’s apartment construction boom should continue, at least for the rest of 2017, according to a new report from Marcus & Millichap. Developers will deliver around 8,400 new units in 2017, about the same number they completed last year. The vacancy rate should tick up about 20 bps, but still remain just below 4.0%, and both city and suburbs should see healthy rent growth in 2017, marking the third consecutive year of mid-single-digit hikes.

City neighborhoods such as Streeterville, River North, downtown, West Loop, and the portion of Milwaukee Ave. that stretches north of Division St. have seen most of the activity. But even with all of the attention given to the city, the suburbs have not been left out.

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