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Chicago’s MLS Rental Inventory Quickly Diminishing

by Chicago Agent

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.

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Comments

  • There is a big difference between sales inventory and rental inventory. This story refers to RENTAL inventory only. Headline and much of detail in the story is misleading.

  • Tony Sental says:

    Jeff, thank you for that important clarification. Big difference, indeed. I hope the staff is monitoring the reader comments and make the necessary changes right away. Based on that headline, this story jumped out at me and honestly it took your comment before I put two and two together.

  • Chicago Agent says:

    Thanks for catching this Jeff & Tony. Sorry for any confusion; the changes have been made.

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  • Munmun Nishi says:

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