The number of homes, apartments and condos currently listed for rent in the local Multiple Listing Service (MLS) stands at 729 in ZIP Codes 60614, 60657, 60613, 60640, 60660 and 60626. That’s 4% below the year-ago level of 760 but 35% higher than at the same time in 2013 and 30% higher than in 2012 .
The slight year-over-year decline in the number of available rentals masks wide variations in individual ZIP Codes. The number of units available in Lincoln Park ZIP Code 60614 declined 21% year-over-year, from 209 to 166. Available listings also declined by double digits in Uptown ZIP Code 60640 (15%, 108 to 92).
ZIP Code 60613 (Lakeview / Uptown) saw inventory increase by 10% from 159 to 175 units, while 60660 (Edgewater) inventory was up 21%, from 43 to 52.
ZIP Codes 60657 (Lakeview) and 60626 (Rogers Park) saw minimal change in the number of available listings.
Almost all of the MLS-listed units are individual condos for rent. A stronger resale market has seen many of the “accidental landlords” created during the condo bust of the last decade withdrawing their units from the rental market and listing them for sale.
Whether a strong resale market accounts for some, or all – or more than all – of the fluctuating rental inventory among ZIP Codes is anyone’s guess. What can be said for sure is that renters have a decent selection of condo rentals as an alternative to managed apartment buildings.