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Introduction

Apartment demand outstripped supply by almost double as of the end of 2014, despite the fact that current supply volumes stand at decade level highs. The most likely culprit for this market pressure can be found in jobs – high-skill, service-oriented jobs in particular – as healthy economic growth restores Chicago’s employment base to pre-recession levels. New apartment construction is focused primarily on the metro’s urban downtown neighborhoods, but even there occupancy rates remain stubbornly high.

LIVING IN APARTMENTS

Renting can be smart choice for a wide range of individuals and families across all income levels. That’s why a diverse array of people call apartments home.

Apartment Residents
1,263,244
Spending Power
$11,174,467,279
Direct Jobs Supported
98,611
Total Economic Contribution
$23,636,233,189
Total Jobs Supported
259,081
Married couple with no children
10%
Married couple with children
9%
Single Individual living alone or with roommates
70%
Single Parent
11%
1 Person Household
52%
2 Person Household
26%
3 Persons or More in Household
21%
13%

of population lives in apartments

Managing Apartments

Apartment homes are economic engines, driving dollars and jobs that strengthen local communities.

Total Apartment Homes
614,124
Operation Dollars Spent
$2,484,880,236
Direct On-site Jobs
16,808
Total Economic Contribution
$5,194,955,228
Total Jobs Supported
41,941
5 to 9 apartment homes per building
34%
10 to 29 apartment homes per building
17%
20 to 49 apartment homes per building
17%
50 apartment homes per building or more
32%

Building Apartments

Apartment construction continues as a bright spot in the economy, helping lead the housing recovery.

Construction Dollars Spent
$386,506,386
Direct Jobs
2,202
Total Economic Contribution
$926,649,060
Total Jobs Supported
7,447
Apartments Built 1959 or earlier
35%
Apartments Built 1960 to 1979
32%
Apartment Built 1980 - 1999
20%
Apartments Built 2000 or Later
13%
46%

Multifamily Percentage of Total Building Permits