The MLS-listed rental inventory in the 14 downtown ZIP codes that we track dipped slightly during the past week from 782 units to 763 units. Of the new units that came to market during the past week, 276 are still available. If all of the units that left the market were rented, at least 38% of the inventory – a fairly stunning number – turned over in a single week.
The MLS-listed rental inventory has decreased 51.3% from the same period last year, and is down 60% from the point at which we began tracking in November of 2009.
The South Loop ZIP codes have shown particular strength, and this week reached the lowest levels we’ve seen: 79 units in 60605 and 56 units in 60616, down 67% and 59%, respectively, from November 2009 levels. Turnover velocity in these ZIP codes is approaching a 2-week level.
The takeaway: if you see an attractive MLS-listed rental you’ll want to act quickly; units are not lingering on the market.
You can see our data, by date and ZIP code, in this Google Docs spreadsheet.
Our rental pick this week is a 6,300 square foot Romanesque home, pictured above, on a Gold Coast corner lot. The home, at 1500 N Dearborn, has 4 bedrooms, 3 full and 2 half baths, a newer kitchen, 7 fireplaces, a family room, rec room and a 2-car garage. The tab: $7,500 a month. Prudential Rubloff’s Melina Michelin, who specializes in rental properties, has the listing.
The home is also listed for sale with Prudential Rubloff’s Joanne Nemerovski for $3,950,000. The sale price includes a coach house, which is available for rent separately.