Kane County Multifamily Market Report

Introduction
The Kane County multifamily market in Q3 2024 offers solid opportunities for investors and property owners. As one of the most dynamic submarkets in the Chicago metro area, Kane County continues to attract interest from stakeholders in commercial real estate brokerage, thanks to its stable fundamentals and promising growth. This report highlights key performance indicators, market trends, and investment strategies tailored to multifamily assets in Kane County.

Download the Full Q3 2024 Report Here

Kane County Multifamily Market Overview

Asking Rents

The average asking rent for multifamily units in Kane County stood at $1,590 in Q3 2024, reflecting a -0.1% quarterly decrease but a 2.4% annual growth rate.
Unit-Specific Rents:
- Studios: $1,250
- 1-Bedrooms: $1,308
- 2-Bedrooms: $1,558
- 3-Bedrooms: $2,338

Vacancy Rates

The vacancy rate for Q3 2024 was 5.6%, down 10 basis points from Q2. While Kane County’s rate remains slightly higher than the Chicago metro average of 5.3%, it still reflects healthy market activity.

Key Metrics Snapshot

Metric	Kane County (Q3 2024)
Average Asking Rent	$1,590 (-0.1% Q/Q)
Vacancy Rate	5.6% (-10 bps Q/Q)
12-Month Rent Growth	+2.4% Y/Y
Cap Rates	5.8% to 6.5%

What’s Driving Rent Trends in Kane County?

Rent Growth Drivers:

No New Deliveries in 2024: The lack of new construction has reduced competitive pressure, supporting rent stability.
Upcoming Supply: Developers plan to deliver 1,554 units between 2025 and 2026, contributing to 16.6% of the Chicago metro’s new inventory.

Investment Opportunities in Kane County – Q3 2024

Kane County remains a prime submarket for investors targeting multifamily assets in the commercial real estate brokerage industry.

Key Highlights:

Sales Volume: Total Q3 2024 transactions reached $98.3 million across several deals.
Cap Rates: Averaging between 5.8% and 6.5%, Kane County’s cap rates remain attractive for long-term investors.

Economic Drivers and Market Projections

Economic Highlights:

Household Income Growth: Income in Chicago’s metro area grew 0.6%, exceeding the national average of 0.5%.
Job Growth: Metro employment dipped slightly to -0.1%, reflecting broader economic pressures but maintaining tenant demand.

Future Projections:

Rents: Expected to rise to $1,594 by year-end 2024 and grow at 2.4% annually through 2026.
Vacancy Rates: Likely to reach 6.2% by 2024, with a slight increase to 7.7% by 2026, as new units are absorbed.

Maximize Your Property Value in Kane County

As an experienced advisor in commercial real estate brokerage, I help property owners achieve top results in the Kane County multifamily market.

My Services Include:

In-Depth Valuations: Free assessments based on market data.
Targeted Marketing: Campaigns designed to reach competitive buyers.
Expert Negotiation: Securing optimal terms and maximizing ROI.

Schedule Your Consultation Today

Ready to explore the opportunities in Kane County multifamily real estate? Let’s connect and discuss how to maximize your investments.