Bronzeville Condo Rentals
Now let’s take a look at the Bronzeville Rental Market.
In my previous post, I examined the current Bronzeville ‘For Sale’ market.
The current rate of sales in Bronzeville is about 9 condos/month.
I would guess that only the best condos, in the best condition, at
the lowest price are getting sold. The rest are just sitting on the market.
If it is an option, I would suggest that sellers make any necessary repairs,
put up a fresh coat of paint, and then rent their condos until the market heats up.
There should be a huge demand for quality condo rentals.
Right now, the problem isn’t buyer demand. The real problem is a lack of
available condo financing. Most conventional lenders are looking for a 10% down
payment. They also want good credit scores. The FHA program, which only requires a 3% down payment and a 580 score, doesn’t particularly care for condos.
It is hard to get a condo approved for FHA Financing. These factors should bode well
for landlords. Right now, I am noticing an increase in rent amounts. But, as more and more rental units start hitting the market, we should see rent amounts stabilize or even
drop slightly.
Here’s an analysis of the current Bronzeville Rental market*
* Based on data from the Multiple Listing Service as of July-12-2008
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1 Bedroom, 1 Bath
Total Available: 8
Average Rent: $1,128
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2 Bedrooms, 1 Bath
Total Available: 5
Average Rent: $994
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2 Bedrooms, 2 Baths
Total Available: 22
Average Rent: $1,472
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3 Bedrooms, 2 Baths
Total Available: 19
Average Rent: $1,890
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3 Bedrooms, 3 Baths
Total Available: 4
Average Rent: $2,463
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Owners:
It is interesting to note that once your rental exceeds $2,000 per month,
it takes much longer to get it rented. It may take up to 3 months or longer.
I would recommend staying below the $2,000 price point if at all possible.
It is apparent that the rental market should be strong for some time.
Most people don’t realize that Realtors work with rentals too.
Owners, I can assist you with finding a qualified tenant for your Bronzeville condo.
Let’s put it on the MLS!
For more information, please contact me. Thanks!
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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