Introduction
Illinois is home to a vast economy and rental properties. According to statistics, around 171,700 residential properties were sold in Illinois in 2023.
The residential rental market is booming, and more of the population is moving towards urbanization. The city is highly lucrative for professionals, families, and businesses, raising the demand for housing and residential properties in its vicinity.
Being strategically close to Chicago and other economic development areas is also a major reason people want to settle in the state.
Whether you are an investor or an individual looking for rental properties, Centrum Partners is here to provide all the details you need to manage and find properties for sale and rent in Illinois and its proximal region.
Here are the top 5 high-demand rental markets in Illinois:
Chicago
Chicago, the third-largest city in the US, is central to employment opportunities and has seen exceptional population growth over the last few years. The residential population currently sits at 2.75 million.
It’s a happening city with all the basic amenities like Healthcare, technology, finance, and manufacturing, so people belonging to all kinds of industries and concerns find the city attractive to live in. It houses the headquarters of many top names like McDonald’s and United Airlines.
This is the number one reason the city is in high demand for rental property. Moreover, the area is quite strategic, as it is surrounded by Lincoln Park, Logan Square, and River North.
Naperville
Naperville is one of the best places to live in the USA due to its location, facilities, and affordable housing. These factors make it appealing to families, individuals, and professionals.
Naperville is also quite close to Chicago, making it the best place for affordable residential property. So, those people who cannot find a place or afford one in Chicago find it best to live there. It has excellent commutation services, so going to Chicago City for a job or other purposes is relatively easy.
Many people prefer living suburban life in Naperville while making the best of the employment opportunities in Chicago.
Naperville also hosts many corporate headquarters, technology firms, and rental marketplaces. For example, it is home to BP America and Nicor Gas.
Aurora
Aurora, the second-largest city in the US, has had a significant rise in population over the last ten years. It is home to 404,000 individuals and currently lists 200,000 jobs.
The city is situated in the western suburbs of Chicago. Its manufacturing, healthcare, and education sectors make it an attractive place to live, and the housing is also quite affordable. The property market infrastructure is, in fact, in the expanding stage at present.
It’s a quiet and attractive place to live, and those who do not find good opportunities in Chicago due to their budget or other constraints can easily settle here.
The city houses prominent companies like Caterpillar and Rush-Copley Medical Centre in the West Aurora school district. Aurora is known for its affordable housing compared to neighboring areas. Its low living cost makes it lucrative for new professionals or families.
Edwardsville
Situated in South Illinois, Edwardsville is a rising name in the US rental property market. It houses the renowned Southern Illinois University Edwardsville (SIUE.)
Hence, the town has quite a young population, mostly students, faculty, and families. Some young professionals who have just graduated from the university or come from other areas find it attractive due to its healthcare, education, and logistics facilities.
So, the demand for rental properties is high. Also, big industry names like World Wide Technology (WWT) and Amazon have distribution centers near it.
Joliet
Situated Southwest of Chicago, Joliet is one of Illinois’s fastest-growing economic cities. It has an industrial base but good facilities like healthcare, transportation, and logistics.
Joliet is also quite close to the railway line and highways, making it the best for inland transit and attractive for professionals. They can commute daily to work in nearby cities and find affordable and accessible housing here.
Find the Best Rental Property in Illinois Rental Markets
The rental marketplace is evolving with the rise in job opportunities in Illinois and its surrounding areas. Chicago wins as being the primary attractive city due to its strategic and economic advantage and employment opportunities. Naperville, Aurora, Edwardsville, and Joliet are also great alternatives for those on a tight budget looking for the suburban lifestyle.
If you’re searching for the best rental markets in Illinois, contact Centrum Partners for all rental property management Chicago. We have the best company comparisons for you!
