Rentals in Chicago>Question Details

Jeff, Renter in Chicago, IL

Do you find that the houses listed for rent on Trulia are cheaper, more expensive, or about the same as those available on the MLS?

Asked by Jeff, Chicago, IL Wed Jan 23, 2013

As a non-real estate angent, that is relocating from Shanghai to Chicago in the spring, I am a little uncertain of what to expect in terms of rental pricing. I've done a number of searches in the Uptown/Edgewater/Ravenswood/Lincoln Square area and have a pretty good idea for what the prices are on Trulia. However, I wasn't sure if the prices on the inventory available on MLS would be significantly different.

I ask because I own a couple of rental properties in Metro Detroit. I've always found for that market that the places listed on websites are more expensive than those available on MLS. Is that the same for this area?

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About the same as the mls. The rental market is the same no matter who is advertising it.
1 vote Thank Flag Link Wed Jan 23, 2013
Thanks Mark - I've also noticed that most of the rental properties listed on Trulia have been available for some time. Any experience as to whether those places are actually available for rent? If so, any thougths as to why they would have been vacant for so long?
Flag Wed Jan 23, 2013
My advise would be to use a good Realtor no matter where you are looking
0 votes Thank Flag Link Thu Jan 24, 2013
I would also concur with Manuel, the median is a safe barometer for price. You cannot compare Chicago's real estate market to Detriot in any meaningful way. Rental rates are in constant flux, and right now are rising. You will not get a solid read on price until you are ready to rent.
0 votes Thank Flag Link Thu Jan 24, 2013
If your coming from China, I would find a good leasing agent to help you out. Its free to use their services. Typically craigslist is cheaper but there is a lot of scams.
0 votes Thank Flag Link Thu Jan 24, 2013
Dear Jeff,

It is difficult to compare apples to apples here. While most brokers will list a property for rent on the MLS, many owners, property management companies, apartment locating services may not. Also Trulia takes marketing feeds from the MLS along with many other private feeds. For example our company’s property website pushes our listing on to Trulia. Due to this type multi data input the data is only as good as the people who enter it into the system.

Jeff let me say I am confident the pricing you find on Trulia should fall wall within the median range for the rental market in the area you are looking in.
0 votes Thank Flag Link Thu Jan 24, 2013
Prices are about the same, but if you really want reliable and accurate information, work with a Realtor who can provide you with not only the data but also their expertise.
0 votes Thank Flag Link Thu Jan 24, 2013
It is not possible to compare this apples to apples. Trulia includes rentals exactly from the MLS as well as some rentals by owners directly. The MLS has just agent related listings. I do not see how you can compare the 2.
0 votes Thank Flag Link Thu Jan 24, 2013
Jeff, Trulia is an aggregator type web site indirectly pulling from the MLS and several other foreclosure sites, so the prices are the same, except that Trulia is not "swept" or updated nearly as often and pulls in non available listings that have just begun the foreclosure process. Often Trulia continues to list sold properties well after the sale.
The best way for a buyer to get up-to-date, accurate info is by working with a dedicated realtor. Our services are free to you. I'd love to help you find a place to buy or rent.
Diane Boyle
0 votes Thank Flag Link Thu Jan 24, 2013
HI Jeff, while you were gone rental prices in Metro Detroit have blown through the roof. What has happened in the past here has no bearing at all on todays market. just find your self a rental agent that you click with and trust and rent what you like.

If you need more info on what to ask on your rentals when the leases are due, Call me 248 224 1013 Nancy
0 votes Thank Flag Link Wed Jan 23, 2013
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