Market for MLS-listed downtown homes and condos remains stable

There are currently 824 MLS-listed homes, apartments and condos for rent in the 14 downtown ZIP Codes that we track periodically. That’s a little more than 1% below the number available for rent a year ago at this time, an 11.5% increase over the same time in 2011, 37% below the mid-June 2010 number and 57% below November of 2009 when we first began tracking.

Current inventory levels are lower year-over-year in most of the ZIP Codes, but up by double-digit percentages in 60610 and 60654 (Near north) and 60616 (South Loop).

The actual number of units available for rent at any time is lower than we report, since we include listings that are Pending, i.e. an application has been accepted but a lease has not yet been signed.

The relatively stable inventory levels may indicate that the new apartment towers that have opened recently have had little impact on the market for MLS-listed rentals. It’s also possible that a strengthening sale market has resulted in fewer homes and condos being listed for rent in the MLS.

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