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Q3 2021 Multifamily Market Report | Chicago Metro Area

August 31, 2021 by Marcus & Millichap Research Services

Fundamentals Return to Pre-Pandemic Levels, Boosting Investment and Out-of-State Interest

  • Positive absorption resurfaces across all submarkets. Chicago recorded a recent spike in apartment demand that restored vacancy and rent metrics to levels last seen before the health crisis.
  • Epicenter of inventory growth shifts. For the first time since 2004, suburban deliveries exceed urban completions.

Investment Highlights

  • Chicago notched an 8 percent rise in deal flow over the trailing-12- month period ended in June, one of the largest gains among Midwest metros.
  • Average pricing fell 2 percent during the past year to $155,500 per unit, a figure that trailed the national mean by 9 percent.
  • Urban submarkets have accounted for two-thirds of all apartment transactions since last July, with trades most concentrated in North and South Lakefront neighborhoods.
  • Strong renter demand for suburban units has drawn more out-of-state investors to locales outside the CBD including North and Northwest Cook County.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics; RealPage, Inc.

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Filed Under: Research Brief, Market Report Tagged With: 1031, 1031 exchange, 1031 exchanges, commercial investments, commercial real estate investing, CRE, deals, netnetnet, nnn, triple net, yields

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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