Notes from the rental front – MLS rents dropping daily

I asked David Nadler of City Ranch Real Estate for news from the rental front, and he sent along the following brief notes:

Southport – Lincoln – Wellington
An exciting emerging neighborhood west of Wellington trains.

2943 N Lincoln #101, interesting loft condo 2BR with 2 parking spots, $3,000.

3021 N Southport, 4th floor walk-up 2BR penthouse, spectacular installation with full roof deck and outdoor Jacuzzi. $3000.

Old Town
1660 N Hudson 1 BR + den 2.5 BA loft condo at St Michaels that last rented for $2,300 with parking just leased again for $2650. Old town remains hot even off season. One showing here.

1455 N Sandburg 804– 1 BR only $1,500, super-customized, larger and nicer than most rentals, closets finished. Truly the reason renters should always look at condos vs rentals. Huge savings.

Gold Coast
1030 N State 19G, super-customized, furnished, over the top convertible, $1,850. This was like a hotel. Not practical, but neat home.

1237 N Dearborn. Street-level Gold Coast gem under owner’s residence. Rare condo quality. $2,600.

Lakeview
655 Irving Park. 1 BR, 900 SF+ for $1,750. A rare luxury high rise that takes big dogs.

640 Aldine. 3 BR penthouse with roof deck, $3850. Best rental comp would be at Wirtz nearby. This was higher quality new construction, chef’s kitchen. Same price.

The market
Market looking for a rent footing again. MLS rents dropping daily. Rents very negotiable. Jobs jobs jobs??? New inventory?? Will we see a retracement of 2009 rents??

Sale prices frustratingly firm!! Many more buyers in market.

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