An elevator system (20) includes multiple elevator cars (22, 32) within a hoistway (28). A first compensation member (40) is associated with a first counterweight (24). A second compensation member (50) is associated with a second one of the elevator cars (32). Each compensation member has one end that moves with the associated elevator system component and an opposite end (44, 54) secured in a fixed position within the hoistway. In one example, a compensation member has a linear density that is approximately four times a linear density of a corresponding load bearing member.