Tenant demand will exceed completions this year, further tightening vacancy and cementing Chicago’s place among the Midwest’s leading apartment markets. Roughly 80 percent of new market-rate rentals slated to come online in 2013 are in the City of Chicago as developers add stock for an expected influx of new residents.
In 2013, vacancy will slip 20 basis points to 3.6 percent. During 2012, a 70-basis point decline was recorded.
Asking and effective rents are expected to rise by 4 percent during 2013, according to the report.