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.
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.
Sohail A. Salahuddin | Founder and Team Leader
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610
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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.