leasing in chicago

The Chicago rental market is very seasonal, with March through August being our busiest months. Starting in 2023, we've received 50% more leads in February and March than we did in 2022. To capitalize on this new trend, which we predict will continue in 2025, our leasing team collaborates with our property managers to stagger renewal and new lease expirations earlier in the year.

The best way to effectively rent apartments in Chicago is to list through the top ILS sites. Zillow, Hotpads, Trulia, and Apartments.com account for over 85% of our leases signed. We recommend listing them 45-60 days in advance of move-outs as the average renter secures an apartment about 30 days in advance of their moving date. Keep all leases expiring 3/31-8/31.

Over the past few years, we are seeing more renters moving around north side neighborhoods versus renting in Lakeview and Lincoln Park and staying there until they buy a home. Wicker Park, Bucktown, Old Town, River West, and Logan Square are currently some of the most sought-after neighborhoods in Chicago.

We're expecting 2025 to be another strong leasing season in the Chicago market. We expect 3-5% rent growth throughout the city & surrounding suburbs. There continues to be a trend of recent college graduates plus high-income earners moving to Chicago, while the new construction apartment deliveries continue to lag. It is estimated that the downtown market will only deliver 1,000 new units in 2025 and 1,200 in 2026.  Higher construction and capital costs continue to be the main driver in limiting new developments.

To be more competitive in today's market, renters are looking for newer and/or renovated apartments including condo-quality kitchens & baths, W/D in unit, central A/C, outdoor space, and parking. The more upgraded the unit, the better chance to attract and keep tenants.