MLS-listed downtown rental inventory continues to shrink

Washington Square Park, Chicago IL

Back in November of 2009, when we began tracking MLS-listed homes and condos for rent in 14 downtown ZIP codes there were 1,927 units available. As of today there are 745, a decrease of 61%.

We skipped our tally last week due to the holiday. Two weeks ago the inventory stood at 786, and it was at 1,056 as recently as April 1.

ZIP code 60610, which includes the Gold Coast, Old Town and a part of the Near North community area, saw the largest decrease in inventory on both a unit-count and percentage basis. The number of available units fell from 137 to 114, a 17% decline in a two-week span, and a 65% decline since we began tracking.

The steepest percentage decline during our tracking period has been in ZIP Code 60606, which includes parts of the Fulton River District and West Loop. Available listings fell by 82%, from 38 in November of 2009 to 7 today.

You can see all of the data, by date and ZIP code, in this Google Docs spreadsheet.

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