Rentals in 60611>Question Details

Jacqueline S…, Real Estate Pro in Chicago, IL

I know the rental market was very strong for the last 2 years, with multiple offers. Is it just me, or did the rental market just grind to a halt?

Asked by Jacqueline Smith, MBA, CPA, Chicago, IL Sat Jul 20, 2013

It seems things are just not moving and I am not getting the showing request that I used to. What are other real estate agents experiencing on rental listings?

0 votes Share Flag Rentals in 60611

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Hi Jacqueline,

I would not say the Rental Market has ground to a halt yet. What I have seen is when peoples leases are coming due the current tenants check price and many are opting to stay put. Also as interest rates are creeping up many are choosing to try to find a place to purchase.

I think we have reached the ceiling on monthly rental rates.
1 vote Thank Flag Link Mon Jul 22, 2013
Over the last month or so I have experienced a slow down in my listings that are for sale.
1 vote Thank Flag Link Sun Jul 21, 2013
The only thing I can pin point for my client is the holiday throw everything off. A lot of people are on vacation of just enjoying their summer. All of a sudden, things died down.
Flag Sun Jul 21, 2013
no the rental market is still hot!
0 votes Thank Flag Link Thu Jul 25, 2013
You are a mortgage broker, not a real estate broker, and you are based in the suburbs. So what basis are you making your statements for the Chicago rental market? What backup or experience support do you have?
Flag Thu Jul 25, 2013
Renting has become less affordable as compared to buying right now due to the large increase in rental prices over the last few years. The rental market is still strong since many can not buy right now for various reasons.
0 votes Thank Flag Link Thu Jul 25, 2013
Still hot as far as I have experienced. As long as we have foreclosures and short sales we will continue to have a strong rental market.
0 votes Thank Flag Link Wed Jul 24, 2013
The rental market is still hot. So if you're not getting showings, it may be the price. Or the location. I just put on a rental that I rarely showed 2 years ago, and the phone started ringing almost immediately.
0 votes Thank Flag Link Mon Jul 22, 2013
It's on the Gold Coast at 111 East Chestnut. Prime location in the past month I had 3 showings a day at a higher price. None of the other rentals have moved either. In the past you would get multiple offers on any unit in the building. Lowering the price did now increase the volume after the market slowed. One of the top rental agents in the city has had a rental unit at 55 E Erie not move for 2 months. That building NEVER has vacancy. Something is going on. I am going to see if CAR has any statistics.
Flag Mon Jul 22, 2013
Hi Jacqueline,

The rentals that are moving quickly are those in the "hottest" areas. My last 2 rentals were gone in less than 24 hour period with multiple applications.

In general, my experience is that the rental market has slowed down only to the point that it's not the multiple applications we were experiencing up until this past month.

That said, I now have more tenant clients than ever before....the only difference is that we can take a little longer to search/find due to the lack of "urgency" because of multiple applications...make sense?

Hope this helps.
0 votes Thank Flag Link Mon Jul 22, 2013
Lack of urgency due to multiple applications? I don't completely get the relationship, but thank you for your feedback.
Flag Mon Jul 22, 2013
The rental market is at a very high level. I do not do these, but things are going up and up. This bubble will pop by years end.
0 votes Thank Flag Link Sun Jul 21, 2013
You need to expand your reach and include more marketing into your agenda for each property, marketing on a daily basis.

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0 votes Thank Flag Link Sun Jul 21, 2013
The market rental is strong but no like before ...
0 votes Thank Flag Link Sat Jul 20, 2013
Hello Jacqueline:

I believe it depends on what company/agent listed the property. If the agent really wants to rent it himself/herself without any assistance FROM ANYONE ELSE the listing will say "contact agent" to make an appointment. You may/may not receive a return phone call. And if you happen to, it will be the "it's rented" even though the listing still shows Active in the MLS.

The listings with the larger offices that really want to get the listing rented have had lockboxes/codes and the show/assist function for easy access.

This has been my experience in the last 30 days.
0 votes Thank Flag Link Sat Jul 20, 2013
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