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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
1,217,821
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
10%
Single Individual living alone or with roommates
65%
Single Parent
15%
1 Person Household
52%
2 Person Household
27%
3 Persons or More in Household
21%
13%

of population lives in apartments

Managing Apartments

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

Total Occupied Apartment Homes
668,602
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
31%
10 to 29 apartment homes per building
21%
20 to 49 apartment homes per building
17%
50 apartment homes per building or more
31%

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
33%
Apartments Built 1960 to 1979
33%
Apartment Built 1980 - 1999
22%
Apartments Built 2000 or Later
12%
47%

Multifamily Percentage of Total Building Permits