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Portable Tenant Screening Report: A Comprehensive Guide
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
The Chicago Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
In the first quarter of 2020, active listings reported for Chicago followed normal seasonal trends – January and February posted big jumps month-over-month. Inventory continued to wane for a few months and then spiked again in May, which may correlate to outmigration trends from urban areas, as reported by our survey respondents. August was on-trend seasonally, with a 77% increase month-over-month. In 2021, March reported a 31% increase in listings – a recovery from the previous two months – while April and May showed decreased.
Demand on the renter side has experienced similar volatility throughout 2020 and 2021. We saw the most demand in March of 2020, with 26 leads per property on average. After a double-digit dip for the following three months, July and August reported 18 and 14 leads per property. Listing inventory increased in the latter half of the year and into 2021. However, demand did not follow suit, with leads per property decreasing to single digits in September. In 2021, leads have remained low, with the current average sitting at only four leads per property. This may be another indicator that city and urban areas experience greater out-migration and negative impacts from the pandemic.
Year-over-year the average rent amount for a two-bedroom listing is up by about $100 for June of 2021. A decrease was reported in the late summer of 2020 and was sustained through the winter months and into 2021 as demand continued to decline with per property inquiries reaching their 15-month low in March. May’s average rent amount was almost equal to that of 2020.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
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