There were 946 homes, apartments and condos listed for rent in the local MLS yesterday in the six North Lakefront Zip Codes that we track: 60614, 60657, 60613, 60640, 60660 and 60626. That’s the largest number we’ve seen since we began tracking in January of 2012, when there 558 listings.
Listings increased in all of the ZIP Codes except for 60614 (Lincoln Park), which had 3 fewer units available. The available inventory is up 7.9% month-over-month, 34.6% year-over-year, and 91% over the same time two years ago.
The number of available rentals has consistently risen since March. In prior years we’ve seen inventories diminish at this time of year.
The soaring inventory may reflect erosion of the price advantage that MLS-listed properties had over managed apartment buildings as the managed buildings have recently been offering discounted rents. It may also reflect the fact that managed buildings have been offering higher normal commissions and other incentives to rental services and brokers. The superior amenities and apartment finishes in new and rehabbed rental buildings are also likely to be having an impact.
We checked in with David Nadler, a broker with Related Realty, for his thoughts on how renters should navigate the current market. According to Nadler:
This is a great time to be leasing a home in Chicago. Renters can generally save by leasing a private home or condo. Renters who want the amenities of the managed properties should be aware that a number of them are offering 2 months free rent.
It makes sense to view some of each and decide what works better. There are plenty of properties to see.
I’d supplement Nadler’s observations by noting that many rental service agents will only show the managed properties and won’t take renters to see MLS-listed homes and condos. Renters who want the best deal should work with a broker from one of the traditional firms rather than with a rental service.
Note: David Nadler has previously advertised with YoChicago.