The DuPage County multifamily market is on fire. Inventory is limited, demand is relentless, and rents keep climbing. Investors aren’t just looking for cash flow—they’re betting big on appreciation, expecting rents to keep pushing higher.

Over the last two months, I’ve closed four multifamily deals in DuPage, ranging from smaller value-add properties to larger stabilized assets with upside. Across the board, the theme is the same: buyers are chasing growth, and sellers who price right are cashing in with a competitive marketing campaign.

1. Limited Inventory = Aggressive Buyers
   • Quality apartment buildings in DuPage aren’t sitting on the market long.
   • Deals are seeing multiple offers quickly, with buyers stretching to secure properties.
   • Even in a higher-rate environment, investors are pushing pricing up because they see where rents are going and with recent rate declines are bullish on a more near-term rate pullback versus the 2024 higher for longer narrative.
2. Investors Are Paying for Future Appreciation
   • Rents in DuPage aren’t just strong—they’re still rising. CoStar data shows the 12 month asking rent growth has increased 4.1% in DuPage County. Additionally, a recent new construction deal we sold received 5.5% increases in lease rate renewals on 88% of the units. Other middle-market owners we speak with have confirmed this trend, renewing leases at 5% increases compared to the traditional 3% increase. 
   • Buyers aren’t just underwriting deals on in-place cash flow—they’re betting on continued rent growth and the long-term stable upside this market presents.
   • 1031 exchange buyers, local investors, and out-of-state capital are all competing, seeing DuPage as an appreciating asset class.
3. Rents Keep Climbing, and Buyers Know It
   • Occupancy rates are near 100%, and tenants are paying up for quality apartments.
   • Strong leasing activity and minimal concessions are driving rent growth across the county.
   • Investors are willing to pay premium prices today because they know rental income will catch up fast.
4. The Outlook: A Seller’s Market with No Signs of Slowing Down
   • Sellers who price at market are getting deals done quickly.
   • Buyers are fighting for assets, knowing that waiting could mean paying more later.
   • Off-market deals are becoming the norm, as investors try to lock in properties before competition drives pricing even higher.

DuPage County is still a seller’s market, and appreciation isn’t slowing down. Investors who wait are going to be chasing higher prices.

Nathan Zito is a Associate at Interra Realty. Prior to joining Interra, Nathan worked in geotechnical engineering for ground-up commercial developments throughout Chicagoland. He graduated from the University of Iowa with degrees in Geoscience and Business Management and is a licensed real estate broker in the State of Illinois.