Unlocking Investment Potential: A Guide to Rental Properties in Champaign County, IL

Introduction

Investing in rental properties can be a lucrative endeavor, especially when you choose the right location. A good rental property offers a combination of high rental income, low vacancy rates, and the potential for property value appreciation. One of the most critical factors in determining the success of a rental property investment is its location. The right location attracts quality tenants, ensures high occupancy rates, and enhances the property's overall appeal and value.

Champaign County, IL, is an attractive option for rental property investors due to its vibrant community, diverse economy, and a steady influx of students, professionals, and families. This guide will provide an in-depth overview of the best neighborhoods and areas in Champaign County, grading them on various factors to help you make an informed investment decision.

Best Neighborhoods and Areas in Champaign County, IL

1. Champaign

Grades:

• Convenience: A
• Tourist Attractions: B
• Things to Do: A
• Avg Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A
• X-Factor: A

Convenience (A):
Champaign is the heart of the county and offers excellent convenience with a well-developed infrastructure. It has easy access to major highways, public transportation, shopping centers, and schools.

Tourist Attractions (B):
While not primarily known for tourist attractions, Champaign boasts several cultural and recreational spots such as the Krannert Art Museum and the Virginia Theatre.

Things to Do (A):
There are numerous dining, entertainment, and shopping options in Champaign. The city is also home to the University of Illinois, which offers various cultural and sporting events.

Avg Home Prices (B):
The average home price in Champaign is moderate compared to other urban areas, making it an affordable investment option.

Return on Investment (A):
With a steady demand for rentals from students and professionals, Champaign offers a high return on investment.

Proximity to Work-Related Travel (A):
Champaign is close to major hospitals, the University of Illinois, and several business centers, making it ideal for work-related travel.

X-Factor (A):
The presence of a major university brings a youthful and dynamic atmosphere to the city, making it a vibrant place to live and invest.

2. Urbana

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: A
• Return on Investment: B
• Proximity to Work-Related Travel: A
• X-Factor: B

Convenience (B):
Urbana offers good convenience with accessible public services and amenities. It’s a quieter alternative to Champaign but still close enough to benefit from its facilities.

Tourist Attractions (B):
Urbana features attractions like the Spurlock Museum and the Urbana Free Library, which are appealing but not as extensive as those in larger cities.

Things to Do (B):
There are plenty of local events, parks, and restaurants. The proximity to the University of Illinois also offers additional activities.

Avg Home Prices (A):
Home prices in Urbana are generally lower than in Champaign, providing more affordable investment opportunities.

Return on Investment (B):
Urbana offers a solid return on investment, particularly for properties near the university, though it might be slightly lower than Champaign due to lesser demand.

Proximity to Work-Related Travel (A):
The close proximity to the University of Illinois and Carle Foundation Hospital makes Urbana convenient for professionals.

X-Factor (B):
Urbana has a small-town charm with the benefits of being near a major university, offering a unique blend of tranquility and vibrancy.

3. Savoy

Grades:

• Convenience: B
• Tourist Attractions: C
• Things to Do: B
• Avg Home Prices: B
• Return on Investment: B
• Proximity to Work-Related Travel: B
• X-Factor: B

Convenience (B):
Savoy is a small village south of Champaign, offering a quieter lifestyle with good access to the larger city’s amenities.

Tourist Attractions (C):
Tourist attractions are limited in Savoy, but the nearby Willard Airport adds some appeal for frequent travelers.

Things to Do (B):
There are local parks, golf courses, and a few restaurants and shops, providing sufficient activities for residents.

Avg Home Prices (B):
Home prices in Savoy are moderate, making it an affordable option for investors.

Return on Investment (B):
The return on investment is decent, especially for properties near Champaign’s amenities and the airport.

Proximity to Work-Related Travel (B):
Savoy’s proximity to Willard Airport and Champaign’s business centers makes it convenient for work-related travel.

X-Factor (B):
The village offers a peaceful environment with the benefits of being close to a larger city, making it attractive for families and retirees.

4. Mahomet

Grades:

• Convenience: B
• Tourist Attractions: B
• Things to Do: B
• Avg Home Prices: B
• Return on Investment: B
• Proximity to Work-Related Travel: C
• X-Factor: B

Convenience (B):
Mahomet provides a suburban feel with essential amenities and services. It’s located a bit farther from Champaign but offers a pleasant living environment.

Tourist Attractions (B):
Attractions include Lake of the Woods Forest Preserve and the Museum of the Grand Prairie, appealing to nature lovers and history enthusiasts.

Things to Do (B):
Residents can enjoy outdoor activities, local shops, and restaurants, making Mahomet a cozy community with sufficient amenities.

Avg Home Prices (B):
Home prices are reasonable, offering good value for money.

Return on Investment (B):
Mahomet offers a stable return on investment, particularly for family homes and properties near natural attractions.

Proximity to Work-Related Travel (C):
Being farther from major business centers and hospitals, Mahomet is less ideal for work-related travel compared to Champaign and Urbana.

X-Factor (B):
The natural beauty and suburban lifestyle of Mahomet make it a unique and desirable place for families and outdoor enthusiasts.

5. Rantoul

Grades:

• Convenience: C
• Tourist Attractions: C
• Things to Do: C
• Avg Home Prices: A
• Return on Investment: B
• Proximity to Work-Related Travel: C
• X-Factor: C

Convenience (C):
Rantoul is a smaller town with basic amenities. It’s farther from the central business hubs, which may affect convenience.

Tourist Attractions (C):
Tourist attractions are limited, though the Chanute Air Museum adds some historical interest.

Things to Do (C):
Rantoul offers fewer entertainment options compared to larger cities, with a focus on local dining and outdoor activities.

Avg Home Prices (A):
Home prices in Rantoul are very affordable, providing a low entry point for investors.

Return on Investment (B):
Despite its lower profile, Rantoul can offer a decent return on investment due to low property prices and steady rental demand.

Proximity to Work-Related Travel (C):
Rantoul is farther from major employment centers, which might be a drawback for professionals.

X-Factor (C):
Rantoul’s affordability and quiet lifestyle make it unique, though it lacks the vibrancy and amenities of larger cities.

Conclusion

Champaign County, IL, offers diverse opportunities for rental property investors, with each area presenting its unique advantages and challenges. Whether you prefer the vibrant atmosphere of Champaign, the charming appeal of Urbana, the quiet allure of Savoy, the suburban feel of Mahomet, or the affordability of Rantoul, there is a neighborhood to match your investment goals. By carefully considering the grades and details provided, you can make an informed decision and unlock the investment potential in this dynamic county.