Chicago multifamily market, October 2026

Landlords have the edge in Chicago, and it is mixed: asking rents are up 4.6% on a year, while jobs slipped 0.1%.

Updated October 31, 2026 · from Zillow, BLS and the US Census Bureau

+4.6%

Asking rent, year over year

Zillow · September 2026

-0.1%

Jobs, year over year

BLS · September 2026, preliminary

3.7%YEARLY

Vacancy

Census · 2024 count

What is moving now

Asking rents are up 4.6% on a year to September 2026, which is the figure the condition is read from. Jobs are down 0.1% over the same year to September 2026, a first release the BLS revises the following month. Asking rents are climbing but job growth has cooled (September 2026).

The backdrop

These are yearly Census counts, not this month's: 3.7% of rentals sat empty in 2024, permits for new apartments were down 32% in 2025, more people moved out than in in 2025, and the typical rent was $1,469 a month in 2024. They are the background the monthly figures move against, and they are the newest the Census has published.

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Common questions about Chicago

Answered from the data, updated October 31, 2026

Is the Chicago rental market tight or soft right now?

In Chicago right now, landlords have the edge, and it is mixed.

Which way is the Chicago market heading?

Chicago is mixed right now, as asking rents firm over the past year (Zillow ZORI, monthly).

Is Chicago a landlord's or a renter's market?

Chicago is a landlord's market right now: landlords have the edge, and it is mixed.

What is the vacancy rate in Chicago?

Vacancy in Chicago is 3.7% in the 2024 count, a yearly snapshot rather than a monthly reading (US Census Bureau).

How much have Chicago rents changed?

Asking rents in Chicago are up 4.6% over the past year (Zillow ZORI, monthly, latest Sep 2026).

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Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.
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