The Changing Face of Multifamily Development in Chicagoland

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In June 2022 the Opus Foundation awarded nearly $910,000 to 13 impactful nonprofit organizations, supporting community revitalization, early childhood education, youth development and workforce development.

street view of an apartment building at sunset

Developers in Chicagoland are responding to continued strong demand for multifamily housing and changing consumer expectations. The pandemic accelerated a trend that was already underway — a shift in consumer priorities from acquiring material things to embracing time, travel and experiences. Long-term homeowners are taking advantage of a seller's market for their homes, collecting the proceeds and moving into apartments that require little to no maintenance. Meanwhile, young people who can't yet afford to purchase a home are renting apartments that provide abundant amenities. These changing dynamics are reflected in recent multifamily sector research.

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Article Type: Blog Post

Topics: Chicago | Development | Multifamily Development & Construction | Projects