The top rental markets in Illinois are Chicago, Cahokia, and Peoria.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Illinois Rental Trends:
Illinois, located in the Great Lakes region of the U.S., has a great mix of city and small-town life perfect for every type of property investor. With strong industries in agriculture and natural resources, Illinois has great investment opportunities for landlords – evident in its positive numbers. Here are some highlights from the top rental markets in the Land of Lincoln:
Days on Market:
The city with the lowest number of days on market is Cahokia at 15 days which is the same as the national average at around 15 days; Chicago holds the highest number of days on market at only 18.
The top two towns for the largest amount of leads per listing all are under 100 with the national average of being 38. Here they are:
- Cahokia – 87 leads per listing
- Peoria – 29 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Peoria comes below that with the lowest average rent of $715 for a two-bedroom compared to the highest rent in Illinois at $1,936 in Chicago.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Illinois’s highest median sale price comes below that at only $275,000 in Chicago with its lowest median sale price far lower than the national average at only $30,000 in Cahokia.
Pennsylvania’s median income rings in at $52,410 – more than the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Illinois cities between 2018 and 2019. With the largest being an increase of 9% in Peoria at $900, and the largest decrease in Chicago at 100% with the current average at around $500 – which is below the national average for security deposits which is around $1,200.
All of the Illinois cities tied with a livability score of 57!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.