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Several key metrics in MRED’s marketplace ended weeks-long streaks of declines in 2020 during the second week of November. New listings saw a 4% week-over-week increase, but also topped 2019’s totals from the same period by 21%. Other indicators that bounced back after recent declines included listings under contract (14% week-over-week increase) and closed listings (3% week-over-week increase), with both numbers also beating out 2020’s totals.
Chicago is the United States’ tenth highest-ranking city for share of millennial renter applications during the past five years, according to RENTCafé. The study evaluated 13 million renter applications nationwide to identify the cities where millennials represent the largest share of apartment applications.
Chicago’s 41.2% share of millennial renter applicants was good enough to earn the Windy City a spot in the top 10, with Seattle’s 50.5% mark leading the way. Additionally, 3.6% of Seattle’s millennial rental applications came from Chicago, with only Bellevue, Washington contributing a larger percentage of applicants.
One thing is certain about Millennials: If they flock to a particular city, that area will explode both economically and culturally. This generation has different views than its predecessors, preferring flexible jobs and experience-driven lifestyles that they seek out and develop in the cities they choose. At the same time, most Millennials are renters and are shifting away from the two-kid, white-picket-fence American dream — making them less likely to get tied down to a specific city.
MRED has tools to help with rentals! Rental Beast is an included MRED subscriber benefit. Its Apply Now tool simplifies the rental application process by providing background and criminal history checks for property owners.
The total number of active and temporary listings in MRED’s database reached its lowest point since mid-June during the past week. This mark was the culmination of the fourth straight week of declines in connectMLS inventory as the market appears to be entering its annual cool down. Other indications of this included a 29% week-over-week drop in closed listings and a 5% week-over-week dip in listings under contract, although both of these numbers bested their 2019 counterparts.
MRED’s market is showing mixed indicators as the calendar flips to November. Closed listings achieved their third-largest total since the beginning of May, reaching a 28% week-over-week increase while besting 2019’s totals by 20%. However, the sixth straight week of declines in new listings pushed 2020’s marks below 2019’s tally for the first time in two months. Listings under contract also dipped compared to last week and for the eighth time in 11 weeks, but still outpace 2019 by 36%.
Listings under contract in MRED’s service area spiked during the week of Oct. 19. The total of 3,893 was a 14.6% week-over-week increase while topping 2019’s total by 57.8%. Further indicators of a potentially strong upcoming winter market included week-over-week consistency in open house totals and closed listings, with both metrics only showing marginal declines.
Rental Beasts’ October market report found that renters are finding concessions, and Chicago’s market is no exception.
According to the report:
“As Chicago heads into its traditional off-peak rental season, it is not clear if this year will deviate from pre-established rental patterns. Bucking the trends in other cities, Chicago reported declines in YOY Rental Concessions in June, July, and August. However, as property managers and owners seek to secure as many tenants as possible before the colder weather arrives, Chicago registered an 11% YOY increase in Rental Concessions.”
Rental Beast is an included MRED subscriber benefit. Its Apply Now tool simplifies the rental application process by providing background and criminal history checks for property owners.
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