Rent is way DOWN (Chicago, Itasca: lease, credit score, townhome)

[Lookout Kid]

I tend to doubt that rents are going up right now. Evidence I've seen points to the contrary. But the types of people that historically bought condos in Chicago are waiting it out and renting longer. So if the economy improves without a huge improvement in the real estate market, and a bunch of jobs are created in Chicago again, rents could shoot up at that point.

[andrew61]

I've noticed that in my Lakeview highrise, asking rents for condos have come way down from where they were a couple years ago... and still no takers. Apparently some units are sitting empty because I'm seeing the same units available for rent on craigslist month after month. One unit in particular has been on the rental market since at least September, the landlord has dropped the rent more than $300 from his original asking price, and it's still not renting. And I know which unit it is, I've seen it inside, and it's a nice one, too.

My impression is that the rental market in Chicago is down right now because of the poor economy. I'm hearing that many younger people have lost their jobs and have had to give up their apartments and move back home to wherever to live with mom and dad... which means more vacancies than usual.

[Avengerfire]

Originally Posted by smallvillejane

...Now I am seeing 2 bedrooms go for as much as $4000 a month...

Where are you looking? Downtown Chicago?

[emathias]

I only got $700 renting out my second bedroom in October, but I'm getting $800/month starting in February. Of course, I had to throw in my parking space both in October and February, and in 2008 I got $800/month not including parking, so rates are still off their peak.

[cenona]

I'm looking for an apartment 1 bedroom near Kimball in Lawrence BrownLine Station. I would like to leave near there like Drake, St. Louis, Bernard, Ainsle any suggestion?

[Basekamp]

the Real Estate DUMPING of 08 put more renters on the market, and often foreclosures forced renters back on the market as well. Even as the real estate market rights itself somewhat, rents are still on the whole up.

Originally Posted by Lookout Kid

I tend to doubt that rents are going up right now. Evidence I've seen points to the contrary. But the types of people that historically bought condos in Chicago are waiting it out and renting longer. So if the economy improves without a huge improvement in the real estate market, and a bunch of jobs are created in Chicago again, rents could shoot up at that point.

[Drover]

Originally Posted by Basekamp

the Real Estate DUMPING of 08 put more renters on the market, and often foreclosures forced renters back on the market as well. Even as the real estate market rights itself somewhat, rents are still on the whole up.

No they're not. For one, more people are consolidating housing by taking on roommates, or for young singles, moving back in with their parents. Second, there is a huge oversupply of new condos on the market right now. Lots of them have been converted into rental units at least temporarily so that the developers can at least get some cash flow out of them to try to stay above water until the real estate market can get back on its feet. The vacancy rate has gone up since the meltdown.

[movingsomewhere]

Where have you seen such price? Seriously. Have you tried craigslist and filter to your price range? You must be looking into Gold Coast rentals and or Lincoln Park?

Originally Posted by smallvillejane

I cannot believe the prices pre vs. post holiday. Now I am seeing 2 bedrooms go for as much as $4000 a month. What are the landlords thinking? seriously?!

[MannheimMadman]

Originally Posted by cenona

I'm looking for an apartment 1 bedroom near Kimball in Lawrence BrownLine Station. I would like to leave near there like Drake, St. Louis, Bernard, Ainsle any suggestion?

There are a TON of rentals on Kimball heading northbound on your way to Foster. I walk from the Kimball stop to NEIU and I have seen these. The For rent signs and numbers are posted out front. Do a quick little pass by,.

[jdiddy]

I've been salivating looking at how low some units rental prices have been on craigslist.