Available downtown rentals increase seasonally; time to look is now

Elysian, 11 E Walton St, Chicago

The inventory of downtown Chicago homes and condos listed for rent in the MLS rose 7.9% during this past week, from 976 units to 1,053.

This seasonal increase is to be expected. The number of available homes and condos is 38.4% below the 1,709 units available at this time last year.

Inventory levels increased in 13 of the 14 downtown ZIP codes that we track and remained flat in 60608.

Within the past 7 days 252 new rental listings became and remain available, indicating that at least 175 units were rented or withdrawn from the market during the week.

The highest-priced new rental, at $14,000 a month, is a 4,000 square foot, 3-bedroom, 4 ½ bath on the 30th floor of The Elysian, 11 E Walton, listed with Coldwell Banker’s Chezi Rafaeli.

The median rent among the new listings, $2,800, will put you in a 2-bedroom, 2-bath with a gas fireplace, balcony and in-unit Washer / dryer at 21 W Chestnut. It’s listed with Prudential Rubloff’s Melina Michelin.

TIP: If you’re looking for a May 1 rental, you should be well into your search. The best units rent quickly and you’ll be picking through the leftovers as your move date approaches.

TIP: Most of the apartment rental services a/k/a bedbugs won’t show you MLS-listed rentals, and will lie about the reasons for that – they’d rather steer you into something that pays a full month’s rent in commission rather than split the commission on an MLS-listed unit. Search for MLS-listed units at a reputable broker site where you’ll see the exact address, room dimensions, multiple photos, etc.

TIP: If you’re looking to rent downtown, YoChicago Guides list and link to all of the large apartment complexes and provide some helpful, practical suggestions for homing in on an area that suits you.

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