Tracking MLS-listed north lakefront rentals

Last week we quietly began keeping track of the available inventory of homes and condos listed for rent in six north lakefront ZIP Codes in the local MLS. The ZIP Codes hug the lakefront from Lincoln Park north to Rogers Park.

We’ve been watching MLS-listed rentals in downtown ZIP Codes for more than 2 years, during which. Inventory levels have fallen by more than 60%. We’ve also monitored MLS-listed homes and condos for rent in the North Shore suburbs since May of 2010, and have seen the number of available offerings shrink by nearly 20%.

There are currently 551 homes and condos listed for rent in the MLS in the north lakefront area. The number of available listings is slightly below the 558 listed last week, despite the fact that 101 new listings were entered into the MLS during the past 7 days and remain on the market. These figures indicate that listings are rented quickly.

The median-priced new listing during the past week was a 2-bedroom, 2-bath at 4623 N Beacon St in the Sheridan Park section of Uptown. The unit is in a classic bay-windowed six-flat and includes in-unit laundry and garage parking in the $1,500 monthly rental. It’s a few short blocks from the popular Magnolia Cafe, pictured above, Starbucks, Jimmy Johns and more, and a 5-minute walk from the Wilson stop on the Red Line. You can visit the Wilson stop and see the immediate area in the above video.

You can follow our weekly updates of north lakefront rental data at this Google Docs spreadsheet.

As always, we caution you to avoid wasting your time with “Address unavailable” listings in the MLS, unless it’s an upper-bracket property listed with a reputable firm. They’re often merely bait-and-switch come-ons from apartment rental services. If you’re unsure whether a company is an apartment rental service, consult our periodically updated do-not-call list.

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