At this time a year ago there were 138 homes and condos listed for rent in Lincoln Park ZIP Code 60614 in the local Multiple Listing Service. As of yesterday that number had soared to 237, nearly a 72% year-over-year increase.
Available units in Lakeview ZIP Code 60657 increased 45% year-over-year, from 157 to 228.
As usual, several units listed in 60614 are not in fact anywhere near that ZIP Code. A number of units are listed as “Address not available from listing broker.” We strongly recommend that you avoid contacting any broker that doesn’t list the address of rental property or misstates its ZIP Code.
Vacancies typically increase at this time of year, but they’re currently at the highest levels we’ve seen in the nearly 3 years we’ve been tracking these ZIP Codes. The landlords, it appears, have been slow to react to the competition from the new rental buildings at Webster Square and Halsted Flats, both of which offer far superior in-unit and common-area amenities to what you’ll find in the older MLS-listed rentals.
Halsted Flats has recently been offering up to 3 months’ free rent, pricing its units very aggressively against condo rentals.
Note: Webster Square and Halsted Flats are YoChicago advertisers.