The number of condos available for rent in downtown Chicago remains high, by historical standards, but is continuing to shrink.
When we first began tracking late in November last year there were 1,927 units available for rent (spreadsheet) in the downtown Chicago market, almost all of them condos. As of last Friday that number had decreased by 33%, to 1,286.
We’re not, frankly, quite sure what accounts for the decrease. Anecdotal reports from brokers tell us that the market is getting stronger as potential buyers defer rental decisions. Traditional brokers have also sharpened their focus on rentals. It may be, also, that some of the decrease results from foreclosures on units that had been offered both for rent and for sale.