A surge in MLS-listed downtown rentals

The number of homes and condos listed for rent in the 14 downtown ZIP Codes that we tracked rose 14% from 6 weeks ago, and 13% over the same time a year ago.

The overall increases mask significant differences among the Zip Codes. While most remained relatively flat or declined, a number showed substantial increases in inventory.

During the past 6 weeks MLS-listed rentals surged 27% in 60607, 40% in 60610, 28% in 60622, 25% in 60654 and 30% in 60661.

On a year-over-year basis, the number of MLS-listed rentals increased 45% in 60607, 12% in 60610, 33% in 60622, 51% in 60654 and 30% in 60661.

At the end of the summer rentals season it appears that more aggressive price discounting at new rental buildings is having an impact on MLS-listed homes and condos. The impact is most pronounced in the West Loop, near west and River North neighborhoods.

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