Am thinking of putting my 2bd/1ba condo up for rent(60659). How long are comparable properties waiting to be rented?

Asked by Zippy, West Rogers Park, Chicago, IL Sun Jul 4, 2010

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Matt Laricy’s answer
Matt Laricy, Agent, Chicago, IL
Tue Jul 6, 2010
It all depends on what condition its in, where it is located, and what kind of building you are in.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
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Evelyn S. Fr…, Agent, Chicago, IL
Mon Jul 5, 2010
Hi Zippy,

As previously stated it would depend on condition & where in the 60659 zip code area your condo is located.

I ran a quick CMA for rented units within the last six months in the 60659 zip code and rents vary from $750 - $1250, market time went from as little as 7 days to upwards of 250 days.

Your rental agent can give you the averages for these stats and will advise you on what the fair market rental value for your property is.

Hope this helps. If I can be of further assistance don't hesitate to call.
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Robert Pratt, Agent, Chicago, IL
Tue Jul 6, 2010
The condition of your condo (how updated is it? does it have stainless steel appliances, granite counter tops, and an in-unit w/d? how big are the bedrooms? is there parking included? is it a garden unit or above-grade unit? how high are the ceilings?), the building in which the property is located (is the association together and keeping the property clean and maintained? how many other units are for rent or rented in the building? what other features does your building have - or not have - that make it unique?), and the location of your property (how attractive is the location? is it close to public transportation and neighborhood amenities? how many other units in the area are for rent?) are all factors which affect the market rent value of the condo.

Additionally, the time required to rent the property may likely be affected by how you market the unit - whether you hire a licensed real estate agent to provide advertising and list it on the MLS, how available you or that agent are to show the property and respond to inquiries from prospective renters, etc.
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Jerrick & Iv…, Agent, Wilmington, IL
Mon Jul 5, 2010
Zippy, as an agent in the area that deals with all kinds of rentals you could rent your unit fairly quickly ( 1 or 2 months) as long as your inline with your local market, the biggest factor will be the rent price! I would be happy to assist you in understanding your local market and help get your unit rented.
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Robert Jarvis, Agent, Chicago, IL
Sun Jul 4, 2010
Zipppy, Thats would be a tough question to answer without understanding the condition of the condo, the location of your condo (60659 is a large territory) and what your financial needs are to market the rental unit.

I can tell you that some condo's have rented in less than a week, but others have taken several months to find the right qualified tenant. On average, if you're properly positioned in the market, it might take one or two months.

I think its time you talk to a renters agent and discuss your market and your needs. I keep rental data up on my website, please feel free to take a look at it. (and I love working with renters)
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