Chicago's downtown communities have been enjoying a pretty robust sales market during the first half of the year. Robust barely describes the rental market in these same communities. Blink and you'll miss a new listing before it's gone.
Some agents may have a potential rental client for their listing so it's to be expected that those listings will be being short-lived on the MLS. But whether the unit is leased to the list agent's own client or to the client of a co-op agent, the best units often have multiple applications within what seems like hours of being listed. Chicago renters are racing to put in applications on newly available rentals units as fast as they come on the market!
I think the Chicagoland MLS needs a new field for rental listings. In addition to DOM for days on market, we need HOM for hours on market. Come to think of it, why not just go ahead and add a field for minutes on market as well. We may need that field pretty soon.
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