The number of homes and condos listed for rent in the 14 downtown ZIP Codes that we track topped 900 for the first time since April of 2011.
The 909 units available represented a month-over-month increase of 2.1% and a year-over-year increase of 17.6%.
The overall inventory levels mask wide swings within individual ZIP Codes. ZIP Code 60616 (South Loop, Bridgeport) had 100 units available a month ago and only 66 as of yesterday, while the availabilities in ZIP Code 60622 (Bucktown, Wicker Park, Ukrainian Village, East Village) soared 58.3%, from 60 to 95.
The Near North Side ZIP Codes most directly affected by competition from new apartment building openings (60610, 60611 and 60654) all saw inventory increase by more than 10% month-over-month. Year-over-year availabilities increased by 36.4% in 60610 and 117% in 60654.
- Market for MLS-listed downtown rentals shows continued strength
- Market for MLS-listed downtown homes and condos remains stable
- RealtyTrac reports foreclosure inventory up 33% in Illinois year-over-year
- West Loop 2/2 condo sales soar year-over-year
- Case-Shiller – Chicago home and condo prices up year-over-year