At Ellsbury Group, we’re committed to delivering timely market insights that empower investors, developers, and renters to make informed decisions.
Today, we’re taking a closer look at the Cook County multifamily market, which continues to demonstrate resilience and competitive strength, even as new supply tightens. Recent data points to high occupancy, robust rental rates, and a significant drop in upcoming unit deliveries — all signaling a market where demand is outpacing supply.
High Occupancy Reflects Sustained Demand
According to JPMorgan, occupancy rates in Cook County multifamily properties are holding steady at 95.8%. This near-full capacity underscores the county’s strong renter demand, driven by job stability, population density, and its appeal to both young professionals and long-term tenants.
Rents Remain Elevated
Zillow reports the average rent at $2,296, reflecting both market confidence and the premium renters are willing to pay for Cook County’s location, amenities, and urban lifestyle. With supply tightening, upward pressure on rents is likely to persist — making affordability a growing concern.
Shrinking Pipeline Eases Future Competition
Data from MMG Real Estate Advisors shows only 5,203 new units currently in the pipeline — a 40% drop from 2024 levels. This slowdown could provide breathing room for landlords by reducing competition, but it also signals ongoing challenges in meeting housing demand.
Market Implications
For Investors: Strong occupancy and rising rents make Cook County an attractive market for stable cash flows, though acquisition competition remains fierce.
For Developers: Fewer new units present an opportunity to enter a less crowded development cycle — but rising construction costs and financing hurdles require caution.
For Renters: Limited supply means continued rent growth, making early lease renewals and exploring concessions key strategies for maintaining affordability.
Outlook for 2025
In 2025, the Cook County multifamily market is defined by high demand and low supply. While landlords benefit from steady income and minimal vacancies, the broader housing market faces mounting affordability pressures unless new construction rebounds in the coming years.
The Cook County multifamily market is clearly navigating a tightrope between strong demand and limited supply. For stakeholders—from investors and developers to renters—understanding these dynamics is crucial to making strategic decisions in 2025 and beyond.
At Ellsbury Group, we will continue to monitor these trends closely and provide you with the insights you need to stay ahead in this evolving market. Stay tuned for more updates and in-depth analyses.
