What Are the Best Neighborhoods in Illinois for Rental Properties?
Some of the best neighborhoods in Illinois for rental properties include Oak Park, Evanston, Arlington Heights, Schaumburg, and Naperville. These areas have good public schools, low crime rates, access to public transportation and major highways, and a mix of amenities that attract renters. Many young professionals, families, and students seek rentals in these popular suburbs of Chicago.
What Are the Average Rental Prices in the Best Neighborhoods for Rental Properties in Illinois?
Rental prices can vary significantly within the top neighborhoods in Illinois for investment properties. However, on average, a 2-bedroom apartment in Oak Park rents for around $1,500 per month. In Evanston, expect average rents of $1,800 for a 2-bedroom. Arlington Heights and Schaumburg have slightly lower average rents, around $1,400 per month for a 2-bedroom apartment. In the college town of Naperville, average rents for a 2-bedroom are around $1,600.
Which Neighborhoods in Illinois Have the Highest Rental Prices?
Some of the Illinois neighborhoods with the highest rents include River North, the Loop, and Lincoln Park in downtown Chicago. These popular city neighborhoods are home to luxury high-rise apartment buildings where rents for a 1-bedroom can easily top $2,500 per month. Wicker Park, Logan Square, and Hyde Park also command high rents, with 1-bedrooms going for $1,800-$2,200 on average.
What Factors Contribute to the High Rental Prices in Some Illinois Neighborhoods?
Several factors drive up rental prices in certain Illinois neighborhoods:
– Prime location near top employers, entertainment, and transportation
– High demand from renters but limited housing supply
– High incomes and disposable cash among renters
– Luxury amenities like doormen, gyms, rooftop pools
– Newly constructed or renovated apartments
– Walkable neighborhoods with shops and restaurants
– Short commutes to downtown Chicago
How Have Rental Prices in Illinois Changed Over the Past Decade?
Over the past 10 years, rental prices have steadily increased across most neighborhoods in Illinois. In Chicago, rents have risen over 15% in popular areas like Logan Square, Pilsen, and Uptown. Suburbs have also seen rent hikes, with average rents in Evanston increasing 22% over the decade. However, rents have remained fairly stable in some rural counties. Overall, investors can expect strong demand and rising rents to continue in Illinois, especially near urban centers.
What Is the Highest and Lowest Rental Price for a Single-Family Home in Illinois?
Rental prices for single-family homes vary greatly depending on location. In wealthy Chicago suburbs like Winnetka and Lake Forest, it’s common to see large 5-bedroom homes rent for $8,000 – $15,000 per month. However, in rural Illinois counties, single-family home rents can be as low as $500 – $800 per month in some areas. The average rental price for a 3-bedroom home is around $2,500 in Cook County and $1,500 in Sangamon County. Investors should analyze rents carefully by neighborhood when considering a single-family rental.
Conclusion
Illinois offers many promising investment opportunities for rental properties, especially near Chicago and other growing urban regions. When selecting a rental investment location, analyze factors like job growth, home prices, rental demand, and housing supply. Target popular neighborhoods near public transit and amenities, where rising rents can deliver strong cash flow. With proper research and planning, investors can secure a profitable rental property in Illinois.