It’s a strange and interesting phenomenon, at the same time: I’m starting to get phone calls from folks who are in the market to rent single family homes in 60646. I don’t mind at all, in fact, I’m going with the flow, but Edgebrook and Sauganash are not predominantly famous for being rental neighborhoods, such as Downtown, Lincoln Park, Lakeview, or Lincoln Square. Mainly, because in 60646, we don’t have the multi-unit/apartment stock that these neighborhoods boast. 60646 is primarily comprised of single family homes. So far, the callers that have contacted me want to send their children to the Edgebrook/Wildwood, and Sauganash school systems.

Here’s what I’m thinking: If your house has been on the market for sale for a long time without any takers – the average market time for closed single family homes in Edgebrook has been 122 days this past summer, and in Sauganash, 147 days – AND you have already moved out of your property, and are possibly paying for two mortgages/taxes, why not consider renting out your vacant house for a while? This way, you’re covering your fixed expenses (perhaps even profiting), and when the real estate market gets back on even keel (hopefully next spring), you can then sell your house for a price that won’t hurt you financially. However, if being a landlord/landlady is not your cup of tea, please refer to my post from a few weeks ago, because you haven’t lost the battle yet.

The callers, contacting me about rental homes in 60646 are telling me that they are not willing to jump into homeownership with the current state of the real estate market (whatever that means to them). Personally, I think it’s a great time for home seekers to make a purchase move right now. But the point is, many of them are willing to shell out $2,000 or more a month to lease a 3-bedroom house in 60646. Spin the idea further, should things not look any better by next spring: Lease-purchase-option, anyone?

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