North lakefront rental supply trending up in the MLS

For the second week in a row the number of MLS-listed homes, apartments and condos in 6 north lakefront ZIP codes reached a new high since we began tracking earlier this year.

There are currently 581 units listed for rent in the MLS from Lincoln Park north to Rogers Park. That amounts to less than a 4-week supply at recent absorption levels, which saw more than 300 units rented during the past two weeks.

We're seeing a growing number of major management companies listing rentals in the MLS, something they've rarely done in the past.

Lincoln Park's Belden-Stratford, which was recently acquired by the Laramar Group, has listed a number of units for rent with Koenig & Strey (a client of our parent firm). One-bedroom, 1- and 1 ½ bath units are renting from $2,399 to $2,925 a month – at the high end of the rent range for managed rental buildings in Lincoln Park.

The Laramar Group is converting 68 units that had been operated as a hotel into residential apartments. According to a recent news release:

Some of the amenities and features include granite counters, stainless steel appliances, in-unit laundry (select units) and central air and heat. Front Desk/Concierge staff is on duty 24/7, and the building is small pet friendly as well. For an additional fee, monthly parking spaces are available. Lease terms are flexible depending on the choice of a furnished or unfurnished unit.

Unfurnished apartments may be leased for a minimum of six months. The Belden Stratford also provides corporate suite options that can be leased for as short as one month.

You can follow our weekly updates of north lakefront rental data at this Google Docs spreadsheet.

Leave a comment