East Humboldt Park Rental Flop?

[Sean McKee]

Hello Everyone!

The title might be a bit dramatic, but I’m still trying to figure out the East Humboldt park rental market. 

We finished renovations on a 2 bedroom garden unit and have had a it listed for several weeks with only 4 showings!

This is a pretty nice unit in a solid B area and location. I know it’s winter time and stuff moves slower. However I just rented my significantly less nice 1 bedroom apartment in Cicero in like a week.

This is an owner occupied building and admittedly renting it out was not my primary objective when we bought it, so I didn’t pay as close of attention to the rental market.

However I would still appreciate some insights from people familiar with rentals in the area. Does this area really slow down that much in the winter? Do I want to much(I listed some information at the bottom)? Or is there a larger vacancy issue in East Humboldt park? 

-2 bedroom, 1 bath garden unit

- 1525 rent. Tenant pays gas and electric 

- Forced air and central ac

- stainless steel appliances.

-dishwasher/microwave

- on site laundry

- Finishings are pretty updated

Thanks!

[Paul De Luca]

Quote from @Sean McKee:

Hello Everyone!

The title might be a bit dramatic, but I’m still trying to figure out the East Humboldt park rental market. 

We finished renovations on a 2 bedroom garden unit and have had a it listed for several weeks with only 4 showings!

This is a pretty nice unit in a solid B area and location. I know it’s winter time and stuff moves slower. However I just rented my significantly less nice 1 bedroom apartment in Cicero in like a week.

This is an owner occupied building and admittedly renting it out was not my primary objective when we bought it, so I didn’t pay as close of attention to the rental market.

However I would still appreciate some insights from people familiar with rentals in the area. Does this area really slow down that much in the winter? Do I want to much(I listed some information at the bottom)? Or is there a larger vacancy issue in East Humboldt park? 

-2 bedroom, 1 bath garden unit

- 1525 rent. Tenant pays gas and electric 

- Forced air and central ac

- stainless steel appliances.

-dishwasher/microwave

- on site laundry

- Finishings are pretty updated

Thanks!

 Your rent is in-line with the market based on the comps I reviewed, but most of those comps were rented in August. So seasonality is definitely a factor. Do you have high quality photos?

You may have to discount the rent a bit more if you want to fill it fast.