Sunday, October 11, 2009


Rental Market

The bottom seems to have fallen out of the rental market this fall. Things were moving a long nicely this spring and summer, but if you did not have your place rented by October 1st that was it. People will still be moving the rest of this year but you do have a lot of competition out there. I think the shadow market of condos has finally hit. A lot of sellers are giving up and putting their condos on the rental market before winter comes. High unemployment is not helping either. There may not be to much you can do now accept keep trying. My advice for next year is to shift your leases so they all end on or before the 31st of August. October first seems to be the end of the strong rental season in Chicago and having several lease us for that date can be a problem if you can't get them rented. Then you have to wait out the long hard winter and no one wants to do that. If you shift to a spring/summer rental season it is more likely you will only lose one or two months of rent in the worse cases.
Please never get desperate and take just anyone. It almost always end badly and costs a lot more money. Get the word out and use rental companies. You only pay them if they rent the apartment and you can keep looking for someone on your own too.

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