Best places to buy rental properties in Illinois

January 19, 2022
● Written by
Teddy

Illinois

Investing in Illinois

The state of Illinois has many hidden gems when it comes to real estate investing. From the bustling city of Chicago to the smaller, more suburban areas, there are a variety of options for property investing so you'll be sure to find what you're looking for.

The Nophin team crunched the numbers and found the five best places to invest in Illinois rental properties.

Statewide vacancy rates

IL Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Chicago, IL

As the largest city in Illinois, Chicago is one of the hottest rental property markets in the US. It's the birthplace of modern architecture and has an impressive food scene.

  • Population: 2,746,388
  • Median household income: $62,097
  • Median 1-bedroom monthly rent: $1,950
  • Median listing home price: $359,300

Aurora, IL

Aurora is a city located in Kane County, just west of Chicago. It's one of the first cities in the US that adopted an all-electric street light system.

  • Population: 386,261
  • Median household income: $74,659
  • Median 1-bedroom monthly rent: $1,397
  • Median listing home price: $299,000

Naperville, IL

Naperville is one of the wealthiest suburbs in the Midwest and boasts high quality schools. It's less than 30 miles away from Chicago which makes it an ideal neighborhood for commuting.

  • Population: 149,540
  • Median household income: $127,648
  • Median 1-bedroom monthly rent: $1,516
  • Median listing home price: $560,000

Springfield, IL

Springfield is the largest city in central Illinois and is the birthplace of President Abraham Lincoln.

  • Population: 114,394
  • Median household income: $54,164
  • Median 1-bedroom monthly rent: $700
  • Median listing home price: $149,900

Peoria, IL

Peoria is known for its manufacturing industry and is Illinois' oldest community.

  • Population: 113,150
  • Median household income: $51,736
  • Median 1-bedroom monthly rent: $709
  • Median listing home price: $140,000

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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