Vendor Portal
Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast
We just put out our first five months of 2026 leasing results, and a few people asked how the actual leasing season is shaping up so far. So here is a quick one. We pulled April and May side by side to see how the spring market moved. These are the units we listed after January 1 that went to the open market, the same group we used in the full report.
April vs May at a Glance
Metric | April | May |
Units Leased | 34 | 36 |
Avg Days on Market | 19 days | 22 days |
Median Days on Market | 14 days | 14 days |
Units That Took a Price Cut | 52% | 35% |
Avg Target Rent | $1,874 | $2,087 |
Avg Applications Per Unit | 6.2 | 5.4 |
What the Two Months Tell Us
Average Rent
Average target rent was $1,874 in April and $2,087 in May. We manage a very wide range of unit types and price points though, from studios up to single family homes, so a monthly average moves around with the mix of what leased as much as with the market itself. Read it as what we leased each month, not as a clean measure of rent growth.
We Needed Far Fewer Price Cuts
In April, 52% of units took at least one price reduction before they leased. In May that fell to 35%. When the market firms up, owners get to hold their number instead of chasing it down a few weeks later. Fewer cuts in May is one of the clearest signs the season was strengthening.
Speed Held Steady
The typical unit leased in 14 days in both months, so the median did not move at all. April's average ran a touch quicker than May's, 19 days against 22, but that is a small gap on a small sample and nothing to read too much into. The headline is the consistency. Whether it was April or May, the middle of the pack was leasing in about two weeks.
Two Feature Patterns That Held Both Months
A couple of things had nothing to do with the calendar and showed up in both April and May, so they are worth calling out here.
In-Unit Laundry Was the Biggest Application Driver
When we sorted listings by what they offered, in unit laundry stood out. Units with a washer and dryer in the unit averaged 6.6 applications. Units without one averaged 4.8. That is not a rounding difference, it is a different level of demand. If you have ever wondered whether adding laundry is worth the cost, that gap is your answer.
Pet-Friendly Units Leased Faster and for More
Pets were the surprise. Pet friendly units leased faster, around 18 days versus 24 for units that did not allow them, and they did it at higher rent, roughly $2,137 against $1,867. The no pet units actually drew slightly more applications, they just sat longer before one stuck. Pet owners are a motivated, underserved pool. There are fewer homes that take their dog, so when they find one, they commit fast instead of shopping around. Allowing pets, even capped at small dogs, is one of the cheapest ways to shorten a vacancy and lift rent at the same time.
The Short Version
As spring moved from April to May, the market stayed strong. Owners needed fewer price cuts, the typical unit still leased in about two weeks, and application volume held up. That is a healthy, steady market, and it is the kind of read you only get when you track every unit instead of guessing.
I hope you found a takeaway or two here. If you want our team to handle your tenant placement or property management, click here.
Don't Go At This Alone
Real estate investing in Chicago is a team sport. Who is on your team? Do you have one? GC Realty & Development manages roughly 1,500 units across Chicagoland, and we are happy to share more than 20 years of experience in real estate investing and property management whether you hire us or not.
What gets me up in the morning is the chance to add value to Chicago real estate investors. Our goal as a company is to bring value to everyone we come in contact with. In return, we hope you one day hire us for tenant placement or property management, refer us to someone who needs it, or leave us a simple 5 star Google review.
%20(3)%20(1)_3.png)
_1.png)
