Updated 2026 · Based on median market data for Joliet, IL
The median monthly rent in Joliet, IL is $1,380, translating to $16,560 in annual gross rental income per unit. The rent-to-price ratio is 0.55% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Joliet spend approximately 24% of the local median household income ($68,200) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. Tenants can afford to pay more, which is bullish for landlords.
The vacancy rate in Joliet is 5.8%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.4% annually provides stable demand.
Joliet's GRM (price divided by annual rent) is 15.1x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,380/mo, a single-family rental in Joliet generates approximately $16,560 in gross annual income. After accounting for 5.8% vacancy ($960 lost), property taxes of $5,150, insurance (~$1,000), and maintenance (~$1,000), the estimated NOI is $8,450 per year, or $704/mo.