Just How Hot is Chicago's Rental Market?
Occasionally, we like to crunch the numbers in order to get a sense of how hot Chicago’s rental market is. One important metric that we use to gauge the pace of the market is “market time,” or the number of days a listing remains active before a lease is signed. Market time reflects the level of demand for housing. In a "hot" market, the number of days a listing sits on the market is typically low. Landlords can use this information when drafting leases and setting lease expiration dates.
The infographic below illustates the seasonality of Chicago's rental market. Average market time thus far in 2016 ranges from 32 to 56 days. Notably, market time during July 2016 is seven days longer than the same period the previous year. Based on market activity in 2015, we can expect the market to slow down starting in October. Landlords would be wise to draft leases beginning April to September, when housing is in high demand and finding new tenants is easiest.