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Illinois: The Prairie State
With 12,812,508 residents, Illinois is the sixth-most populous state in the United States. Aside from "The Prairie State," Illinois is also known as "Land of Lincoln" since this is where Abraham Lincoln spent most of his life. Colleges and universities located in Illinois include the University of Chicago
, Northwestern University
, the Illinois Institute of Technology
, the University of Illinois Chicago
, and Illinois State University
In addition to education, Illinois also boasts a thriving arts and culture scene. There are many museums that reside in the state, such as the Field Museum of Natural History
, the Art Institute of Chicago
, the Museum of Science and Industry
, the Adler Planetarium
, and the Abraham Lincoln Presidential Library and Museum
Sports also play a prominent role in the culture of Illinois. Major sports teams based in Chicago include the Chicago Cubs, the Chicago White Sox, the Chicago Bulls, the Chicago Blackhawks, and the Chicago Bears.
Other attractions include Brookfield Zoo
, the Navy Pier
, Millennium Park
(home of Cloud Gate
), Shedd Aquarium
, Lincoln Park Zoo
, and Willis Tower
How Is Illinois' Rental Market?
The rental market in Illinois is a flourishing one. Home prices have been increasing as of late, though experts predict the housing market could be cooling off soon. The median sale price
for a home in Prairie State is $265,825. This represents a 3.2% change year-over-year. Illinois also has a large renter population, with 33.9% of the state's residents renting their homes.
Image via towncharts.com
Additionally, in Illinois, landlords can earn decent gains. In 2019, the median rent in the state was $1,020, which was only a little under the national median of $1,097. Rent has also been steadily climbing since 2012.
Image via deptofnumbers.com
Landlords also won't have much of a problem finding tenants in this state. Aside from a wide pool of renters, the vacancy rate in Illinois is quite low. In 2019, the state vacancy rate was 5.65%, whereas the national vacancy rate was 5.97% in the same year.
Lastly, Illinois is generally a landlord-friendly state. However, it is worth noting that landlord-tenant laws vary on a local level.
Why Hire an Illinois Property Management Company?
Landlords usually have a challenging time juggling rental management with other facets of their lives. This comes from either insufficient time or experience in the field of rental property management. Luckily, a good way to safeguard your investment and earn a consistent rental income is to hire an Illinois rental management company.
What can a property management company in Illinois do for you?
A company or property manager can take over all of the responsibilities you would typically perform as a landlord. This includes marketing your listing, screening tenants, performing property inspections, setting and collecting rent, and managing maintenance and repairs. They also normally craft and enforce your lease agreement as well as answer tenant calls. Although services can differ, many companies also offer assistance with financial management, tax preparation, and eviction proceedings.
If you own too many rental properties, lack expertise in rental management, or simply don't like hands-on management, outsourcing to a professional is the best way to go.
Get Help With Property Management in Illinois
Looking for a rental property management company in Illinois that you can trust? Rental Choice is the #1 place to start searching. Our online directory
was designed to help owners of rental homes and apartments by providing them with free access to our property management directory and our industry-leading blog section.