trend for rental housing prices over the course of the year (Northbrook: apartment, rentals)

[agreenfield68]

My family is looking to move to the northern suburbs, possibly Highland Park or Northbrook, in June. My question is whether what I see now by way of rentals is likely to show me what will be available in the end of April/May. I'm assuming a lot more come on the market: is that right? Do prices stay commensurate with what I'm seeing now? Or are they artifically low because people don't want to move in January/February, such that rent for the same or equivalent house will go up closer to the summer?

[cohdane]

We have been in Highland Park for two years, initially home searching and renting an apartment, but then decided to wait for the market to stabilize-- we're renting a house now.

Having watched rentals for a while up here, I'd say there's not as much fluctuation as you think. For a single family home 3+ bedrooms, in the summer you may have as many as 30 listings (occasionally spiking towards 35), while right now there are around 25 (in a non-stratosphere rental price range).

The prices don't change much. If anything, they're trending down along with everything else-- many (if not most) of the listings are from people who'd prefer to sell, but can't get their price.

I did notice prices dip in September. My guess is that everyone thinks families will have to choose a rental by the time school starts and once it does, whoever doesn't have a dance partner brings their price down quickly.

My gut is that a "normal" 3-4 bedroom house (non-McMansion, fewer bathrooms than bedrooms) is renting no higher than $2500 right now. I've seen some as low as $1800. They may come on at $3,000, then drop in price for months (or a year....) until they get a tenant.

"Negotiate" is a good word to remember.