||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
Illinois Rental Market Overview
Economic Recovery Underway In Chicago, but Rest of State Still Struggles
According to CoreLogic's 2013 National Foreclosure Report, Illinois ranks second in the United States among judicial foreclosure states for completion. While the Prairie State is second only to Florida, it significantly reduced foreclosure inventories to 4.3%, which is lower than Florida, New Jersey, New York, Maine and Nevada, but still ahead of the rest of the nation. The brightest economic spot in Illinois remains centered on the Chicago area, although the unemployment rate remains slightly higher than the rest of the nation. That's why the Chicago rental property market fares better than other Illinois markets, although the best locations in the downtown and suburban markets remain exclusively dominated by institutional investors. More than 3,500 new apartment units, nearly all Class A luxury rentals, were completed in the City of Chicago and shoreline suburbs north of the urban core.
Patience and Careful Strategy Key for Small Landlords
Because much of the job growth in Illinois currently remains centered around Chicago, it's not surprising that the median housing values of nearby cities, places like Naperville, Plainfield, Elgin and Aurora, tend to be higher than in towns and cities elsewhere in the state, including Rockford and Peoria. While Chicago had a rental vacancy rate of 3.8% in 2012, Rockford's vacancy rate was 7.67% and Peoria's was 4.19% in the same year. Numerous foreclosed single-family properties in good condition remain outside the Chicago area, but slow job growth makes it difficult to determine how quickly the market will turn around so effective rents can cover the expenses associated with accumulating and renovating these assets. That's one reason why small landlords and independent investors often consult with Illinois property management companies before making changes to their rental property portfolios. Most property management companies employ real estate professionals who have firsthand experience working with tenants and property owners in their local markets. It's the sort of individualized insights you won't find among the pages of the executive summaries printed by large institutional investment firms. Take a moment to review the Illinois property management companies listed here and then request your free information today.