Chicago’s multifamily market enters 2026 with strong operating fundamentals and a restrained development pipeline. Marcus & Millichap’s 2026 Chicago Multifamily Investment Forecast projects deliveries to fall below 4,000 units this year, the lowest level since 2012, with vacancy expected to end the year at 3.8%. Stabilized occupancy is hovering around 96% and rents are up approximately 3-4% year over year depending on the dataset and time frame.