We've been tracking the number of homes and condos listed for rent in the local MLS in each of 11 North Shore ZIP codes since May of last year.
The inventory of homes and condos listed for rent peaked at 377 at the beginning of last August, declined sharply by the end of the month, to 285, and has remained relatively stable since that time. As of this morning, 271 rental homes and condos are available in North Shore communities.
The aggregated numbers mask diverging trends in different North Shore suburbs. The market has tightened since late August in Wilmette and Lake Bluff, while inventory levels have grown in Glencoe and Lake Forest.
Thirty-three new rentals came on the market during the past week, and 29 were either rented, sold or taken off-market. At that pace the current rental inventory would be absorbed in less than 9 weeks.
Twenty-one of the new listings were in Evanston, 5 in Highland Park, and 5 in Lake Forest. The past 7 days saw only 1 new rental in Kenilworth, 1 in Wilmette, and none in Glencoe, Highwood, Lake Bluff or Winnetka.
Well-priced, well-located rentals are being snapped up very quickly. A 5-bedroom East Wilmette home that we featured on our YoChicago site last month rented in a few days.
A quick scan of the new listings doesn't surface any that stand out as a "screaming deal" - or any that appear to be wildly overpriced.