Introduction
Illinois has many rental markets, making it an attractive place for investors. The population is also increasing as people move towards suburban living and look for affordable housing.
Many companies are also setting up their offices in areas close to Chicago, so Illinois is becoming an economic hub that houses all kinds of industries, hospitals, and amenities for the residents.
Although the rent has increased by $50 compared to 2023, it is 14% lower than the national median. Hence, it’s no wonder there’s a significant rise in rental markets in Illinois. Let’s check out 5 emerging rental markets in Illinois with immense growth potential.
Bloomington
Bloomington City is rapidly moving towards becoming a central employment hub. The city houses over 33,000 households, and the job market is improving, with several potential markets opening up and increasing population growth.
There’s also remarkable growth in the healthcare, education, and insurance sectors, making it a high-demand place for families, students, university faculty, and other professionals. Amongst the top landmarks, the city is home to State Farm Insurance and Illinois State University.
Normal
Normal is another economic hub near Illinois, with high rental demand for the same reasons. The town is known for its technological advancement and strong focus on the educational system, which makes it the preferred place for renters, especially those just starting their careers and students.
It is also promising for the future as substantial investments in infrastructure and technology are expected to boost real estate development in the area. Illinois State University is a major attraction here. It currently enrolls over 20,000 students, so there will always be a demand for those looking for off-campus housing.
The median rent in Normal is $1,600, which makes it an emerging rental market. Moreover, it houses agribusinesses and employers like Archer Daniels Midland and State Farm.
Decatur
Decatur has a history of being the industrial and business hub in IL. Over the last few years, the city has invested incredibly in logistics, manufacturing, and education, making it an attractive place for investors and buyers.
The median home value in Decatur is $299,940, and the median rent is around $1,800.
It’s also quite close to highways and railways, so those working in industries or manufacturing setups can easily commute daily from here to Chicago. The economic environment is expected to grow, making it further favorable for investors looking for a high ROI.
Mattoon
Mattoon is gradually making its place in the rental property market based on its affordable housing and property developments. Recent investments have improved its infrastructure, making it a business hub attractive to industrial setups and residents. The job market is expected to grow along with the rental marketplace.
The median home value in Mattoon is around $107,560, and the median rent is $825.
Danville
Located in eastern Illinois, Danville is another emerging rental market. The city houses many industrial and manufacturing concerns. It has growing healthcare and retail facilities in the development stage, making it attractive for rental housing, especially for families and workers willing to relocate for better job opportunities or commute to Chicago while living in affordable rental markets in Illinois.
The median home value in Danville is $1,919,100, and the median rent is $4,400. Again, the higher rental yield makes it a promising investment venture. Plus, the city is expected to work on expanding its industrial base, pushing the rental demand further up.
Find the Best Emerging Rental Markets in Illinois
Although these markets have a lot of potential, finding the right place can also be an overwhelming experience for new investors. That’s why Centrum Partners, renowned for their services in property management in Illinois, offers comprehensive support for finding, managing, and maximizing the returns on your investment.
Our services range from finding and screening tenants to maintenance and rent collection. We seek the best opportunities for you with our end-to-end services for smooth and satisfactory business with all clients.
