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Thinking of buying in Des Plaines, Illinois? Get our financial spreadsheet tailored to the city.
Des Plaines real estate is a hidden gem.
Located just a stone's throw from Chicago, Des Plaines offers a unique blend of suburban tranquility and urban convenience. The city boasts a robust job market, thanks to its proximity to O'Hare International Airport and major corporate hubs. With its rich history, diverse community, and excellent schools, Des Plaines is an attractive option for both families and investors.
But is now the right time to invest in residential real estate in Des Plaines? Should you dive in or hold off? Are property values on the rise or decline? Which neighborhoods are showing the most promise? What are the experts predicting?
In this article, we will provide you with a comprehensive and up-to-date analysis. To ensure you make the best decision, run your numbers through a specialized spreadsheet tailored to Des Plaines’ market, offering all the critical data you need to make a well-informed and secure real estate investment.
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How's the 2024 housing market in Des Plaines, Illinois?
Are many properties changing hands?
The Des Plaines housing market is experiencing, in 2024, a noticeable decline in property transactions.
Over the past year, the number of properties changing hands has significantly decreased, diverging sharply from historical averages. This isn't just a minor fluctuation; it's a substantial shift.
The primary factor driving this change is the rise in mortgage rates. These higher rates are making borrowing more expensive, effectively pricing out potential buyers and stalling demand. Additionally, economic uncertainties—such as rising inflation and fears of a recession—are making both buyers and sellers hesitant to make significant financial commitments. People are simply not willing to take risks on real estate in such an unpredictable environment.
Affordability remains a persistent issue in Des Plaines. While not as extreme as in some larger cities, real estate prices here have been steadily climbing, making it increasingly difficult for many to invest in property in Des Plaines. This isn't just a minor inconvenience; it's a significant barrier that's stifling the market.
When you compare Des Plaines to other major cities in Illinois, like Chicago and Naperville, the contrast is evident. These cities are also experiencing fewer transactions, but the decline isn't as pronounced. Des Plaines' economic landscape and cost of living make its real estate market uniquely sensitive to economic pressures. Chicago, with its more diversified economy, isn't as susceptible to the same economic challenges that Des Plaines faces.
The timeline for selling properties in Des Plaines has also lengthened.
Previously, homes would sell within a few weeks, but now, properties are staying on the market for several months. This is a direct reflection of the cooling demand and increased buyer caution. The days of quick sales are over, replaced by prolonged waiting periods and a more sluggish market.
Are housing prices going up or down?
During the first months of 2024, housing prices in Des Plaines, Illinois have shown a slight increase.
This uptick is primarily driven by the city's growing appeal as a suburban alternative to Chicago, coupled with its convenient access to major highways and public transportation. Additionally, the local economy's stability and the presence of several corporate headquarters in the vicinity contribute to this trend.
Luxury homes in Des Plaines are experiencing a moderate rise in prices, fueled by an influx of buyers seeking more spacious properties with easy access to urban amenities. On the other hand, affordable housing prices have remained relatively stable, supported by steady demand from local residents and limited new construction.
According to the data we have compiled to create our financial spreadsheet for real estate investing in Des Plaines, the price trends in Des Plaines are somewhat aligned with those in other suburban areas around major cities. For instance, suburbs of Chicago and other large cities like New York and Los Angeles are seeing similar patterns, with suburban areas becoming more attractive due to remote work flexibility.
Supply and demand dynamics play a crucial role in Des Plaines' housing market. The city's zoning regulations and the pace of new construction projects are relatively moderate, which helps maintain a balanced supply. However, the increasing demand from both local buyers and those relocating from urban centers is pushing prices up.
Des Plaines' housing price trends are influenced by its strategic location and the broader shift towards suburban living. The luxury market is benefiting from this shift, while the affordable housing segment remains stable due to consistent local demand.
For someone looking to invest in buying and renting out properties in Des Plaines, now could be a favorable time, especially for luxury homes. With prices on the rise, there may be opportunities to purchase properties that will appreciate in value. Given the city's balanced housing supply and stable demand for affordable housing, rental demand is likely to remain strong, providing a reliable income stream.
However, it's important to consider the broader economic conditions and potential changes in demand (remember - we are not financial advisors!).
Investors like you need to be strategic, focusing on locations with strong rental demand and properties that can attract long-term tenants, so they can maximize their investment returns.
99% of successful investors meticulously planned their investments!
Don’t make costly mistakes with your next property in Des Plaines. Make sure you have all the necessary information and data before making a decision.
What about rents and rental yields?
Rents and rental yields in Des Plaines, Illinois have shown some interesting trends over the past year.
On average, rents have seen a moderate increase. The current average monthly rent for a one-bedroom apartment ranges from $1,200 to $1,500. For two-bedroom apartments, the range is about $1,600 to $2,000. This rise is largely driven by a steady demand coupled with a relatively stable supply, reflecting the suburban appeal of Des Plaines.
Over the past year, the average rental prices in Des Plaines have climbed by approximately 3-5%. While this isn't a dramatic surge, it is noticeable and indicative of the area's growing desirability.
Historically, Des Plaines has maintained a more affordable rental market compared to nearby urban centers like Chicago. However, current rent levels are on the higher end of the historical spectrum, though still not reaching the peaks seen in more metropolitan areas.
Specific neighborhoods in Des Plaines such as the downtown area and regions close to the Metra train stations are experiencing more significant changes in rent prices. The downtown area, with its convenient access to amenities and public transportation, sees higher demand and, consequently, higher rent increases. In contrast, neighborhoods further from the city center, like the areas near Lake Opeka, are seeing more moderate increases, offering slightly more affordable options.
Properties that tend to generate the highest gross yields in Des Plaines are typically multi-family units and smaller apartment buildings. These types of properties allow landlords to diversify their risk and maximize rental income through multiple tenants.
Single-family homes in prime neighborhoods like the Cumberland area also command high rents but may not offer the same yield percentage as multi-family units.
When comparing rent prices in Des Plaines to neighboring cities like Mount Prospect and Park Ridge, Des Plaines remains relatively competitive. Rents in Mount Prospect and Park Ridge are generally similar, making Des Plaines an attractive option for renters looking for a balance of affordability and convenience.
Government regulations and rent control policies play a role in the current rental market. While Des Plaines does not have the same stringent rent control laws as cities like Chicago, local zoning laws and property tax rates can influence rental prices. These regulations can impact the willingness of property owners to invest in new developments or upgrades, potentially affecting the overall quality and availability of rental properties.
What data supports a positive forecast for the housing market in Des Plaines, Illinois?
If you're considering buying and renting out property in Des Plaines, Illinois, there are several promising data points and trends that suggest a positive outlook for the housing market.
Des Plaines benefits from its strategic location near Chicago and O'Hare International Airport, making it a desirable area for both commuters and businesses. This unique positioning helps the city maintain a stable housing market even when broader national trends fluctuate.
The ongoing development in the area, including new commercial projects and infrastructure improvements, continues to drive housing demand. Companies in logistics, manufacturing, and healthcare are expanding their operations in Des Plaines, bringing in a steady stream of well-paid professionals who need housing.
This influx of high-income earners keeps the rental market robust. Additionally, Des Plaines' relatively limited land availability and zoning regulations help maintain high property values and rental rates. Even with new construction projects, the supply often lags behind the demand, keeping the market competitive.
For the market to move positively from a buyer and landlord perspective, certain conditions need to be met.
| Condition | Explanation |
|---|---|
| Interest Rates | Interest rates should remain low or decrease further, as this makes financing more affordable. Lower interest rates reduce the cost of mortgages, attracting more buyers into the market and increasing demand for properties. |
| Economic Stability | Economic stability, particularly within key sectors like logistics and healthcare, is crucial as it directly impacts employment and income levels. Stability in the job market ensures that more people can afford to buy or rent homes. |
| Job Market Recovery/Growth | A continued recovery or growth in the job markets ensures that people have the financial means to afford home purchases and rentals. Strong employment rates correlate with increased demand for housing. |
| Government Policies (Zoning Laws) | Government policies that relax zoning laws or provide incentives for new constructions can slightly ease the supply crunch in the housing market. However, as long as demand outpaces supply, property values and rental income will remain strong. |
| Demand vs. Supply | The balance between demand and supply is critical. As long as demand for properties exceeds the available supply, property values and rental income will continue to rise. This dynamic benefits both buyers (through increasing property value) and landlords (through higher rental income). |
| Favorable Tax Policies for Landlords | Favorable tax policies for landlords, such as deductions or incentives for property improvements, increase the financial attractiveness of renting out properties. These incentives can reduce the overall tax burden on landlords and enhance their rental income. |
Given the current landscape, the likelihood of these conditions aligning is reasonably high. Interest rates are currently at historic lows, and while they might fluctuate, they are unlikely to spike dramatically soon. The resilience of key industries in Des Plaines, even in the face of broader economic pressures, provides a buffer that many other areas lack.
Moreover, there's ongoing political pressure to address housing shortages, which could result in incremental policy changes that favor property investors.
In this context, investing in multi-family properties or small apartment buildings could yield the most benefit. These types of properties spread risk across multiple units, ensuring steady cash flow even if one unit is vacant. They're also in high demand as many young professionals and new employees prefer renting over buying due to the flexibility it offers. Moreover, multi-family properties often have better economies of scale when it comes to maintenance and management.
Single-family homes in desirable neighborhoods can also be lucrative, especially if you plan to hold onto the property for a while. These areas tend to appreciate faster and attract long-term tenants.
However, the initial investment is higher, and the management of multiple single-family homes can be more challenging than a single multi-family property.
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What data supports a negative forecast for the housing market in Des Plaines, Illinois?
You want to invest and make money by collecting rents? A negative forecast for the housing market might actually work in your favor (yes, opportunities are everywhere), but understanding the data and conditions is crucial.
Right now, several factors are converging to cast a shadow over the housing market in Des Plaines, Illinois.
Firstly, let's talk about the data. If you need fresh numbers, they are already included in our real estate spreadsheet for an investment in Des Plaines.
Home prices in Des Plaines have been relatively stable, but recent trends show a cooling off. Inventory levels are rising, which means there are more homes on the market. When supply increases and demand doesn't keep up, prices tend to drop. Recent reports have also noted a decline in the number of sales and an increase in price reductions.
This isn't just a seasonal trend; it’s a sign of a broader shift. Mortgage rates have been fluctuating but remain higher than the historical lows we saw a few years ago, which reduces affordability and further dampens demand.
For the market to move negatively, several conditions need to align.
| Condition | Explanation |
|---|---|
| Economic Uncertainty | Des Plaines' economy is closely tied to the broader Chicago metropolitan area. Any economic instability in Chicago, such as layoffs in major sectors like finance or manufacturing, can ripple through to Des Plaines, reducing the number of high-income renters and buyers. |
| Inflation and Rising Living Costs | Inflation and rising living costs put pressure on disposable incomes, making it harder for people to afford high rents or take on mortgages. This reduces overall housing demand as fewer people can afford to buy or rent homes. |
| Regulatory Factors | While Des Plaines doesn't have the same level of rent control as some larger cities, any changes in local housing policies, such as increased property taxes or stricter building codes, could make owning rental properties less attractive, reducing investor demand and pushing prices down further. |
The likelihood of these negative trends continuing is quite high. Economic indicators suggest a potential slowdown, and the broader Chicago area's economic volatility adds a layer of risk.
As an investor, you need to be wary of the broader economic signals and how they might play out locally.
The biggest risks in the property market of Des Plaines include continued economic instability, significant layoffs in key industries, and potential changes in housing policies that could make owning rental properties more burdensome.
The worst-case scenario would involve a combination of these factors hitting simultaneously. Imagine a situation where the Chicago metropolitan area experiences a major downturn, leading to another wave of layoffs. This would decrease the number of potential renters and buyers, leading to an oversupply of housing.
If this coincides with rising interest rates, the cost of mortgages could become prohibitive, further reducing demand.
Layer on stricter rental regulations, and you could see a substantial decline in property values.
In this scenario, your investment could lose value, and finding tenants willing to pay the rents needed to cover your costs might become challenging.
Which property investment is best for rentals in Des Plaines?
Property types
If you're considering investing in rental properties in Des Plaines, Illinois in 2024, your best bet is to focus on multi-family units. These properties offer the most attractive yields - and you can estimate all the profitability metrics precisely with our spreadsheet tailored to Des Plaines’ housing market. Multi-family units attract a diverse range of tenants, balancing affordability for renters and profitability for landlords.
Multi-family units with 4-10 apartments in Des Plaines typically yield 5-7%. Expect to pay between $800,000 and $1.5 million. These units are popular among young professionals, small families, and employees working in nearby business districts or commuting to Chicago.
Current trends indicate a growing demand for properties that offer more than just living space. Amenities such as in-unit laundry, updated kitchens, communal areas, and proximity to public transportation and shopping centers are highly desirable. Properties featuring fitness centers, secure parking, and outdoor spaces like patios or gardens command higher rents and experience lower vacancy rates.
Single-family homes in Des Plaines offer good appreciation but lower rental yields (3-5%). These properties are more expensive, ranging from $400,000 to $700,000, and primarily attract families who tend to stay longer but are less common among younger, transient renters.
Condos in Des Plaines offer yields of 4-6% with prices ranging from $200,000 to $400,000. They attract young professionals and retirees but come with condo association fees that can impact overall profitability.
Multi-family units often see consistent value increases due to their income potential, while single-family homes appreciate well but with higher market fluctuations. Condos appreciate steadily, especially in prime locations, but usually at a slower pace.
To maximize rental income with a reliable tenant base, choose multi-family units. They offer a balance of affordability, high demand, and steady appreciation. Including desirable amenities will help you stay competitive in the Des Plaines rental market.
Here is a small summary table to make it easier for you:
| Property Type | Average Price Range | Rental Yields | Target Tenants | Key Features & Amenities | Property Appreciation |
|---|---|---|---|---|---|
| Multi-Family Units | $800K - $1.5M | 5-7% | Young professionals, small families, commuters | In-unit laundry, modern kitchens, communal spaces, proximity to public transportation | Consistent value increases due to income potential |
| Single-Family Homes | $400K - $700K | 3-5% | Families | Larger living spaces, yards, more privacy | Significant appreciation but higher market fluctuations |
| Condos | $200K - $400K | 4-6% | Young professionals, retirees | Security, maintenance services, high-rise amenities | Moderate appreciation, slower compared to multi-family units and single-family homes |
Don't lose money on your next property in Des Plaines!
Unprepared first-time buyers often end up losing money. Invest only after reviewing all the performance metrics. Get our spreadsheet tailored to Des Plaines, Illinois.
Best neighborhoods in Des Plaines
For long-term rental
For those looking to invest in long-term residential rentals in Des Plaines, Illinois, there are a few neighborhoods that stand out for their potential. Areas like Cumberland, Lake Opeka, and the Downtown Des Plaines area are particularly noteworthy.
Cumberland is known for its suburban feel with a mix of single-family homes and apartment complexes. Lake Opeka offers scenic views and recreational activities, making it attractive to families and outdoor enthusiasts. The Downtown Des Plaines area is bustling with new developments, restaurants, and shops, appealing to young professionals and commuters.
These neighborhoods are popular for long-term living due to their quality of life and amenities.
Cumberland attracts families and retirees who appreciate its quiet, residential atmosphere and good schools.
Lake Opeka is favored by families and individuals who enjoy outdoor activities and a close-knit community feel.
Downtown Des Plaines appeals to young professionals and commuters due to its proximity to public transit and vibrant urban environment.
Average rental prices in these neighborhoods reflect their desirability. In Cumberland, you can expect to pay around $1,200 to $1,800 for a one-bedroom apartment. Lake Opeka rents are slightly higher, ranging from $1,500 to $2,000 for a one-bedroom. Downtown Des Plaines, being the most urbanized area, sees one-bedroom rentals averaging between $1,800 and $2,500.
When it comes to rental yields, these neighborhoods offer solid returns. Cumberland provides yields around 5-6%, while Lake Opeka and Downtown Des Plaines offer slightly lower yields, around 4-5%. These yields are quite attractive, especially considering the long-term appreciation potential in these areas.
The demographic and socioeconomic profiles of tenants in these neighborhoods vary. In Cumberland, you'll find a mix of families, retirees, and some young professionals. Lake Opeka is home to families, outdoor enthusiasts, and some professionals. Downtown Des Plaines attracts young professionals, commuters, and some higher-income individuals.
Looking ahead, these neighborhoods are likely to see continued demand and appreciation. Des Plaines' proximity to Chicago and its ongoing development projects will keep drawing tenants, particularly in areas close to public transit and new amenities.
The city's efforts to improve infrastructure and public spaces will also enhance the appeal of these neighborhoods.
And a little summary table to make it clearer for you.
| Neighborhood | Characteristics | Average Rental Prices (1-Bedroom) | Rental Yields | Tenant Demographics | Future Prospects |
|---|---|---|---|---|---|
| Cumberland | Suburban feel, good schools | $1,200 - $1,800 | 5-6% | Families, retirees, young professionals | Stable demand, family-friendly |
| Lake Opeka | Scenic views, recreational activities | $1,500 - $2,000 | 4-5% | Families, outdoor enthusiasts, professionals | Continued popularity, enhanced amenities |
| Downtown Des Plaines | Urban environment, new developments | $1,800 - $2,500 | 4-5% | Young professionals, commuters, higher-income individuals | High demand, ongoing development |
For short-term rental
If you're looking to capitalize on the short-term rental market in Des Plaines, Illinois, you'll want to focus on areas that attract a steady influx of visitors and temporary residents, such as tourists, students, and business travelers.
One of the top neighborhoods for short-term rentals is the Downtown Des Plaines area. Known for its convenient access to public transportation, including the Metra train station, and its proximity to O'Hare International Airport, Downtown Des Plaines attracts a mix of business travelers and tourists.
Average rental prices for short-term stays here can range from $1,800 to $2,500 per month for a one-bedroom apartment. Rental yields in Downtown Des Plaines are generally high due to the constant demand and the willingness of tenants to pay a premium for convenience and accessibility.
Another prime area is the Cumberland neighborhood. This area is popular among young professionals and families, given its excellent schools, parks, and community amenities. It’s also a favorite among business travelers due to its proximity to major highways and corporate offices.
Short-term rentals in Cumberland typically command prices between $2,000 and $2,800 per month for a one-bedroom unit. The rental yields in Cumberland are robust, thanks to the high turnover rate and the premium prices driven by family-oriented tenants and business travelers.
For a more eclectic and culturally rich experience, the area around the Des Plaines River and the Des Plaines History Center is a great choice. This area is popular among tourists looking for a taste of Des Plaines' local history and among students and young professionals for its vibrant community events and scenic views.
Rental prices in this area are slightly lower, ranging from $1,600 to $2,300 per month for a one-bedroom apartment. While the yields might not be as high as in Downtown Des Plaines or Cumberland, the consistent demand ensures a steady income stream.
Demographically, Downtown Des Plaines attracts high-income professionals and business travelers who appreciate its accessibility and modern amenities. Cumberland, with its family-friendly environment and excellent schools, draws young professionals with families and business travelers. The area around the Des Plaines River sees a diverse group, from young creatives and students to tourists looking to experience its unique local charm.
In the coming years, the demand in these neighborhoods is expected to remain strong. The continued development of business hubs and the proximity to O'Hare International Airport will keep Downtown Des Plaines in high demand, while Cumberland’s family-friendly appeal will always draw high-paying tenants. The area around the Des Plaines River might see an uptick in demand as more people seek culturally vibrant and scenic neighborhoods.
| Neighborhood | Average Rental Prices (1-Bedroom/Month) | Rental Yields | Primary Tenants | Future Outlook |
|---|---|---|---|---|
| Downtown Des Plaines | $1,800 - $2,500 | High | High-income professionals, business travelers | Consistently strong demand due to accessibility |
| Cumberland | $2,000 - $2,800 | Robust | Young professionals with families, business travelers | Sustained demand from family-friendly appeal |
| Des Plaines River Area | $1,600 - $2,300 | Moderate | Young creatives, students, tourists | Likely increase in demand for cultural vibrancy |
Don't lose money on your next property in Des Plaines!
Unprepared first-time buyers often end up losing money. Invest only after reviewing all the performance metrics. Get our spreadsheet tailored to Des Plaines, Illinois.
Other trends to keep in mind
Here is a detailed table of innovations and trends specific to the Des Plaines, Illinois real estate market for buying and renting out properties.
| Trend | Description | Impact on Buying/Renting Out |
|---|---|---|
| Smart Home Technology | Integration of smart home devices such as thermostats, security systems, lighting, and appliances. | Attracts tech-savvy tenants and increases property value. |
| Co-living Spaces | Shared living arrangements that offer private bedrooms with shared common areas and amenities. | Popular among young professionals and students; can lead to higher rental yields. |
| Sustainable and Green Buildings | Properties designed with energy-efficient systems, solar panels, green roofs, and sustainable materials. | Appeals to environmentally conscious tenants; potential for tax incentives and lower utility costs. |
| Rent Control and Tenant Protection | Strict rent control laws and strong tenant protection regulations. | Limits on rent increases; important to understand local regulations to avoid legal issues. |
| Micro-Apartments | Smaller, more affordable living spaces optimized for efficiency. | High demand among singles and young professionals; lower rental rates per unit but potentially higher occupancy rates. |
| Mixed-Use Developments | Projects that combine residential, commercial, and retail spaces in a single development. | Creates vibrant communities; convenience for tenants; potential for higher property value. |
| Remote Work Adaptations | Properties with dedicated home office spaces, high-speed internet, and work-friendly amenities. | Attracts remote workers and tech professionals; increases desirability and rental rates. |
| Urban Farming and Community Gardens | Incorporation of urban farming spaces and community gardens within residential developments. | Appeals to eco-conscious tenants; promotes community engagement and healthy living. |
| Transit-Oriented Developments (TODs) | Developments located near public transportation hubs to reduce reliance on cars. | High demand due to convenience; can lead to higher property values and rental rates. |
| Short-Term Rental Regulations | Local laws regulating short-term rentals like Airbnb. | Potential for high income but must comply with strict regulations to avoid fines and legal issues. |
| Technology-Enhanced Property Management | Use of apps and software for property management, maintenance requests, and tenant communication. | Streamlines operations; improves tenant satisfaction and retention. |
| Neighborhood Revitalization Projects | Investment in improving infrastructure, parks, and public spaces in certain neighborhoods. | Increases property values; makes areas more attractive for tenants and buyers. |
| Senior Living Communities | Properties specifically designed for senior citizens with amenities like healthcare, social activities, and accessibility features. | Growing demand due to aging population; stable and long-term tenants. |
| Affordable Housing Initiatives | City programs and incentives to develop affordable housing options. | Opportunities for grants and subsidies; important for meeting regulatory requirements and social responsibility. |
| Innovative Financing Options | Creative financing solutions such as crowdfunding, real estate investment platforms, and green loans. | Makes property investment more accessible; can provide alternative funding sources for buyers and developers. |
How to maximize your yield and ROI when you invest in residential property in Des Plaines, Illinois?
Investing in the Des Plaines real estate market can feel like navigating through a maze of suburban streets.
The uncertainties and complexities can be overwhelming, making it difficult to see the potential risks and rewards clearly. But getting the clarity you need isn't as hard as it seems.
With this tool, you get all the key metrics you need, such as Net Operating Income (NOI), Loan-to-Value (LTV), cap rate, net yield, and more. It's specifically tailored to the Des Plaines market, incorporating the latest real estate data, so you don't have to spend hours researching.
What's unique about our spreadsheet is its user-friendly design. We’ve made sure that everything is explained in plain English, making it accessible even if you’re not a finance expert. You don’t need to worry about complex calculations or confusing setups. Our tool is straightforward and intuitive, helping you make informed decisions without the hassle.
One of the standout features of our spreadsheet is its comprehensive data set. It includes all the average and median values for sale price, price per square foot, cash on cash returns, rental income, and occupancy rates for Des Plaines. This means you can make accurate, data-driven decisions specific to the city's market conditions.
We've also included a dedicated scenario analysis tab. This allows you to modify key parameters like interest rates, rental income, and operational costs to see how different scenarios impact your investment.
By exploring best, worst, and most likely cases, you can uncover hidden risks and opportunities, giving you a solid foundation for decision-making.
Our spreadsheet is designed to ensure you input accurate and meaningful data. We provide guidance and context for every entry, helping you avoid common pitfalls like incorrect NOI or cash flow calculations. This feature alone can save you from overpaying for a property or missing out on a good investment.
If you have any questions, feel free to reach out to us at team@whatsmycashflow.com. Also, you can read this detailed article that explains how the Des Plaines spreadsheet works.
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Our tool covers everything: NOI, COC, Cap Rate, Gross Yield, Net Yield, LTV, ROI, and numerous other metrics and charts.
