Current market conditions have resulted in condos becoming an increasingly important factor in the rental market in downtown Chicago.
According to a recent report from Appraisal Research Counselors:
The number of condo units listed for rent at the end of each quarter has risen from roughly 300-600 in 2005-06 to 700+ during 2007 and then escalated dramatically through 2008 to the current level of over 1,700 units … 2Q09 rentals set a record for the downtown market at 1,375 units which was just eclipsed by the 1,507 units leased in 3Q09.
YoChicago is inaugurating a weekly watch on the number of residential units (single-family, condo and co-op) actively listed for rent in the MLS in selected downtown Chicago ZIP codes.
We found a total of 1,927 residential rental listings available this week. You can see the counts by ZIP code in this spreadsheet at Google Docs. We gathered our data at ColdwellBankerOnline (one of our clients).
We’ll update the count each Friday afternoon in the coming weeks, and try to provide some perspective on the numbers.