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Author: Mark Ainely | Partner GC Realty & Development & Co-Host Straight Up Chicago Investor Podcast
If you own rental property in the Chicago market, you already know that not all markets move at the same speed. But do you know how much the leasing timeline varies from one county to the next? Do you know how many applications you can expect to get?
We do. Because we tracked it.
We pulled every completed new lease from our portfolio over the last several years, over 700 of them, and broke the numbers down by county. The results confirm what a lot of experienced investors suspect but have never been able to prove with actual data: where your property sits has a measurable impact on how fast it leases.
Here's what we found.
The Numbers: Leasing Speed by County
County | Leases Analyzed | Avg Days on Market (to Accepted Applicant) | On Market to Move In | Avg Applications per Listing |
Kane | 71 | 14 days | 25 days | 4.3 |
Cook (Suburbs) | 170 | 13 days | 26 days | 5.0 |
DuPage | 97 | 15 days | 27 days | 4.6 |
McHenry | 44 | 17 days | 28 days | 5.1 |
Cook (Chicago) | 248 | 17 days | 35 days | 5.4 |
The winner? Kane County, where the average property goes from listed to move in ready in just 25 days. Cook County suburbs and DuPage are right behind at 26 and 27 days. McHenry comes in at 28. And Chicago proper trails the pack at 35 days.
But before you draw any conclusions about one county being "better" than another, there's important context behind every one of these numbers.
Why Kane and McHenry Move Faster (It's Not Just Demand)
Kane and McHenry counties consistently post the fastest leasing timelines in our portfolio, and demand is only part of the story. The bigger factor? Fewer regulatory hurdles.
These two counties have the fewest municipalities that require rental licenses or participation in crime free housing programs. That means less paperwork, fewer inspections before a tenant can move in, and less friction in the overall leasing process.
Compare that to Cook County, where a significant number of suburbs require landlords to obtain and maintain rental licenses, pass property inspections, and comply with local ordinances that can add days or even weeks to the move in timeline. DuPage falls somewhere in between, with a growing number of municipalities adopting licensing requirements.
We wrote an entire breakdown of which Chicago area municipalities require rental licenses and what landlords need to know before buying, renting, or renewing. If you haven't read it yet, you should. It's one of the most practical resources we've published for suburban investors.
The point here isn't that rental licenses are bad. They serve a purpose. But they do add time to the leasing process, and as an investor, you need to account for that when projecting vacancy.
Why Chicago Proper Takes the Longest
At 35 days from listing to move in, Chicago proper runs about 10 days slower than the suburban average. There are two reasons for that, and only one of them is what you'd expect.
The expected reason: Chicago has its own layer of regulatory requirements, including the Chicago Residential Landlord and Tenant Ordinance (RLTO), that add compliance steps to every lease. Between required disclosures, security deposit handling rules, and other city specific obligations, the paperwork alone takes longer than it does in most suburbs.
I do feel this is not the fact that moves the needle here.
The less obvious reason: Tenant behavior varies dramatically across different parts of the city. On the north and northwest sides, in neighborhoods like Jefferson Park, Portage Park, and Irving Park, tenants commonly start their apartment search 90 days before their lease ends. They'll sign a new lease 45 days out and not actually move in for another 30 to 45 days. That's just how the rental cycle works in those neighborhoods because demand is high enough that good units get snatched up well in advance.
In other parts of the city and most suburban markets, the cycle is much tighter. Tenants start looking 30-45 days before their lease ends, sign, and move in shortly after.
That means Chicago's 35 day average isn't necessarily a sign of a slower market. It's a reflection of a different leasing pattern in some of the city's most competitive rental neighborhoods. The unit isn't sitting empty for 35 days. In many cases, it's leased within two weeks but the tenant doesn't take possession for another few weeks because they're still finishing out their current lease elsewhere.
This is why preleasing or marketing the place before your current tenant moves out is the approach you must take in these specific areas of Chicago.
What the Application Numbers Tell You
The applications per listing column is worth a closer look:
Chicago (5.4 apps) and McHenry (5.1 apps) generate the most interest per listing. Chicago's number makes sense given population density. McHenry's is a bit more surprising, but it reflects the fact that affordable rental inventory in McHenry County is relatively limited compared to demand, particularly for single family homes. There really aren't many options.
Cook suburbs (5.0 apps) and DuPage (4.6 apps) sit in the middle. Solid demand, plenty of options for tenants.
Kane (4.3 apps) has the lowest application volume per listing but the fastest lease times. That tells you something interesting: in Kane County, the tenants who apply tend to be ready to move. Less tire kicking, more serious applicants. From a landlord's perspective, 4.3 applications is more than enough to find a qualified tenant, especially when they're moving through the process quickly.
So Should This Change Where You Invest?
Honestly? Probably not.
Look at that table again. The spread between the fastest county (Kane at 25 days) and the slowest (Chicago at 35 days) is only 10 days. That's it. We're not talking about a 60 day gap that should make you rethink your entire strategy. Every county on this list is posting strong numbers.
The reality is that the leasing market across Chicagoland over the last five years has been overwhelmingly favorable to landlords. Demand has been strong, vacancy periods have been short, and application volume has been healthy in every county we manage in. That's not something you could say about every metro in the country, but it's been the story here.
So is this data great to know? Absolutely. Is it fun to compare and see how your county stacks up? Of course. But should it change your mind about where to invest? Not really. The best advice is still the same advice it's always been: invest where you know. If you know the south suburbs, invest in the south suburbs. If you know Kane County, stay in Kane County. If you've built a team around DuPage, keep building there.
Understanding local lease up timelines helps you project vacancy more accurately, and knowing that municipalities with rental licensing requirements add a few extra days to the process is useful for setting expectations. But this is fine tuning, not a reason to chase a different market.
Don’t Go At This Alone
This is a lot of information you need to know if you plan to invest in the Chicago market and it may seem overwhelming, but real estate investing in Chicago is a team sport. Who is on your real estate investing team? Do you even have a team? GC Realty & Development has a team of resources and we are willing to share all of our 20+ years of experience in both real estate investing and property management in the Chicago market. We will do this whether you hire us or not.
What gets me up in the morning and keeps me going 12+ hours a day is the ability to add value to Chicago real estate investors. If we connect, you will hear me say that our goal as a company is to add value to everyone we come in contact with. In return, we hope one day you will hire us for our Tenant Placement or Property Management Services. You can also refer us to someone you know that needs Tenant Placement or Property Management services, or I will take a simple 5 Star Google review. We love the opportunity when we get all three from the current and aspiring investors we get to help!
Reach out today!
Partner / Co-Host of Straight Up Chicago Investor Podcast
GC Realty & Development, LLC manages over 1,400 investment properties across the Chicago metropolitan area. This analysis is based on proprietary leasing data from over 700 completed leases in our portfolio. Chicago's Responsive Property Manager®.
