Introduction

Investing in rental properties can be a highly profitable venture when done correctly. A good rental property offers steady income, appreciates in value over time, and requires minimal ongoing maintenance. Key factors to consider when evaluating rental properties include location, market demand, and potential return on investment (ROI).

The location of a rental property significantly impacts its success. A desirable location attracts tenants, ensures low vacancy rates, and often commands higher rents. Proximity to amenities, employment opportunities, and transportation hubs are crucial considerations. In this guide, we will explore the rental property market in Will County, IL, focusing on the best neighborhoods and areas for investment. Each area will be graded on convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and an ‘x-factor’ that makes the area unique and desirable.

Best Neighborhoods and Areas in Will County, IL

1. Naperville

Grades:

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

Convenience: A
Naperville boasts excellent infrastructure, including top-rated schools, healthcare facilities, and shopping centers. Public transportation is readily available, making commuting easy for residents.

Tourist Attractions: B+
Naperville is home to attractions such as the Naper Settlement, a 12-acre outdoor history museum, and the Naperville Riverwalk, a picturesque location ideal for walking, picnicking, and festivals.

Things to Do: A
The city offers a variety of activities, from dining at diverse restaurants to attending cultural events at the Wentz Concert Hall. The Centennial Beach, an outdoor pool converted from a quarry, is a popular spot during summer.

Average Home Prices: C
Home prices in Naperville are relatively high compared to other areas in Will County, making initial investment costs significant.

Return on Investment: B
While the high home prices can be a barrier, the demand for rental properties is strong, ensuring good rental income and property appreciation.

Proximity to Work-Related Travel: A
Located near major highways and the Metra rail line, Naperville provides easy access to Chicago and other business hubs. The presence of several corporate headquarters also enhances job opportunities.

X-Factor: A
Naperville's unique blend of suburban charm and urban amenities makes it highly desirable. The city's commitment to maintaining green spaces and its vibrant community events add to its appeal.

2. Joliet

Grades:

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

Convenience: B+
Joliet offers good infrastructure with ample schools, shopping centers, and healthcare facilities. The city is well-connected by highways and public transportation.

Tourist Attractions: A
Joliet features attractions like the Joliet Area Historical Museum, the Rialto Square Theatre, and the Chicagoland Speedway, attracting both residents and tourists.

Things to Do: B+
Residents can enjoy a variety of activities, including attending performances at local theaters, exploring parks, and dining at numerous restaurants.

Average Home Prices: A
Joliet offers more affordable housing options compared to other parts of Will County, making it an attractive option for investors seeking lower entry costs.

Return on Investment: B+
The relatively low home prices, combined with steady rental demand, provide a solid return on investment for rental properties in Joliet.

Proximity to Work-Related Travel: B
While Joliet is not as close to Chicago as Naperville, it still offers good access to major highways and public transportation options, facilitating commutes to work.

X-Factor: B+
Joliet's rich history and cultural offerings, combined with its affordable housing, make it a unique and appealing place to live and invest in.

3. Plainfield

Grades:

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

Convenience: B
Plainfield provides essential amenities such as schools, healthcare, and shopping. The area is growing rapidly, adding to its convenience.

Tourist Attractions: B
The village has several attractions, including Settlers' Park and the Plainfield Historical Society, which offer local charm and community events.

Things to Do: B
Residents can enjoy various activities, including outdoor recreation in parks, local festivals, and dining at local eateries.

Average Home Prices: B
Home prices in Plainfield are moderate, providing a balanced entry point for investors.

Return on Investment: B+
Plainfield's growing population and demand for rental properties offer good potential for ROI.

Proximity to Work-Related Travel: B
Proximity to major highways makes commuting to nearby cities feasible, although it is not as close to major business hubs as Naperville.

X-Factor: B
Plainfield's small-town feel with the convenience of suburban living makes it a unique and desirable area for families and young professionals.

4. Bolingbrook

Grades:

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

Convenience: A
Bolingbrook offers excellent infrastructure with numerous schools, shopping centers, and healthcare facilities. It is well-connected by major highways and public transportation.

Tourist Attractions: B
The area features attractions like the Bolingbrook Golf Club and the Pelican Harbor Aquatic Park, which are popular with residents.

Things to Do: B+
Residents have access to a variety of activities, including shopping at the Promenade Bolingbrook, dining, and outdoor recreation.

Average Home Prices: B
Home prices in Bolingbrook are moderate, making it an attractive investment area with reasonable entry costs.

Return on Investment: B+
The steady demand for rental properties and reasonable home prices provide a solid return on investment.

Proximity to Work-Related Travel: B+
The area's proximity to major highways and public transportation facilitates commuting to nearby cities and business hubs.

X-Factor: B+
Bolingbrook's diverse community and range of amenities make it a desirable place to live, enhancing its appeal as a rental market.

5. Lockport

Grades:

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

Convenience: B
Lockport offers essential amenities such as schools, healthcare, and shopping, although it is not as developed as some other areas in Will County.

Tourist Attractions: B
The city features attractions like the Illinois State Museum-Lockport Gallery and the historic I&M Canal, appealing to both residents and visitors.

Things to Do: B
Residents can enjoy various activities, including exploring parks, attending local events, and dining at local restaurants.

Average Home Prices: B+
Home prices in Lockport are relatively low, making it an attractive option for investors looking for affordable properties.

Return on Investment: B
While the rental demand is steady, the lower home prices and moderate appreciation rates offer a reasonable return on investment.

Proximity to Work-Related Travel: B
Lockport provides good access to major highways, facilitating commutes to nearby cities, although it is not as close to major business hubs as some other areas.

X-Factor: B
Lockport's historic charm and affordable housing make it a unique and appealing place for residents, adding to its investment potential.

Conclusion

Will County, IL, offers a variety of neighborhoods and areas with unique advantages for rental property investors. Naperville stands out with its suburban charm and strong rental demand, while Joliet offers affordability and rich cultural attractions. Plainfield, Bolingbrook, and Lockport each provide a blend of convenience, affordability, and unique local appeal. By carefully evaluating these areas based on convenience, tourist attractions, things to do, average home prices, ROI, proximity to work-related travel, and x-factors, investors can unlock significant potential in the rental property market of Will County.