Illinois - landlord or tenant friendly?

Question

I currently live in Illinois, Joliet to be specific and was wondering if Illinois as a whole is a tenant friendly state or are there some parts in IL that are landlord friendly?

Personally, I'd much prefer an area that's more landlord friendly. If I have to move out of the state for a more landlord friendly area then that might be an option too.

Adrien C. · Answer

NW Indiana is night and day different from Chicago and cook county. I can evict (in non covid times) by the end of the month they miss. From the missed payment to getting them out is usually 6 weeks or less if you notice correctly. And the judges are pretty straight forward - "Did you pay your rent? No, ok, adios." They don't care what their excuse is. Taxes are also much lower. The downside is we don't have the potential appreciation upswings like parts of Chicago do- but at the same time, we wont drop as much either. We're pretty boring here.

Patrice Boenzi · Answer

Account Closed most states are tenant friendly! What are you trying to do? Do you currently have a properties? Would love to hear your goals.

Jason Marcordes · Answer

Hey Account Closed - welcome to BP! Overall IL is pretty tenant friendly. If you cross over into Cook county, it's more tenant friendly, and finally, if you go within the City of Chicago, it's extremely tenant friendly. That being said, there is plenty of opportunity out by you in Will County. Another great option would be to jump on I80 East and start investing in NWI. NWI is much less tenant friendly than Chicago and has lower taxes. I don't have any investments in NWI at the moment but it's definitely on my radar.

Account Closed · Answer

Oh I see! So the appreciation isn't all that great in Indiana. Not much room for market growth potential I take it? Still, would you say its a safer bet than investing in IL? Perhaps Indiana would be a better starting point for investing than IL...? I wonder if its easier to purchase property there also.

Account Closed · Answer

Ah good to know! NWI? You mean Northwest Indiana? The lower taxes does seem quite appealing. I should look into it too. Well I do have a property...sort of, although I don't technically own it, just invested some of my money into it though once we sell it, I will get my investment back and then some, which I will then use to fund my next investment. My focus is on single family homes while using no money down strategies like lease options and seller financing.

Nick W. Graham · Answer

@Francis Bureros Our firm represents many Illinois landlords.  Ensure your lease is top-notch, screen your tenants and you’ll be - to the greatest extent possible - covered.

Illinois - landlord or tenant friendly?

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