Last week, MLS listings of condos and homes available for rent dropped to 739-a decrease of 61 percent since Yo Chicago started tracking 14 downtown zip codes.
In early June, the data had also tracked this drop at 61 percent, finding that zip code 60610 had the largest decrease in the amount of units and percentage, with a 65 percent decline to 114 rental listings.
In the week ending on June 10, the listings in 60610 increased by three, and last week they fell back to 113.
Despite fairly consistent numbers for June thus far, the underlying take-away is that listings are getting snatched up surprisingly fast, with many rentals seeking to offer rock bottom prices that attract renters.
“The new low was reached despite the fact that 225 new listings came to and remain on the market during the past week. This is an indication that new downtown rental listings are renting, on average, in well under a month,” said Yo Chicago.
View the updated spreadsheet here.