"The one thing we're fighting right now is underwriting," Moyer told a meeting of the Real Estate Investment Association. "The lenders have become more conservative about current rents and expenses, especially fuel bills."

Lenders, buyers and entrepreneurs also are concerned about leasing velocity, Moyer says, even though the vacancy rate across the market continues to hover around historic lows. Interest rates also are in the 7% range, though Moyer says he's noticed a bit of a rise over the last 90 days.

However, supply and demand continues working in multifamily property owners' favor. "There are a lot of reasons to buy Chicago," Moyer says. "Tenants have no where to go. When you give them a $75-a-month rent increase in Lakeview, they have no place to go."