Updated 2026 · Based on median market data for Kankakee, IL
The median monthly rent in Kankakee, IL is $1,400, translating to $16,800 in annual gross rental income per unit. The rent-to-price ratio is 0.65% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Kankakee spend approximately 27% of the local median household income ($62,333) on rent. This is within the healthy 25-30% range, indicating rent is affordable relative to local incomes. There may be room for moderate rent increases, especially for updated or well-located units.
The vacancy rate in Kankakee is 5.9%. 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 0.2% annually provides stable demand.
Kankakee's GRM (price divided by annual rent) is 12.8x. 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 $1,400/mo, a single-family rental in Kankakee generates approximately $16,800 in gross annual income. After accounting for 5.9% vacancy ($991 lost), property taxes of $4,429, insurance (~$860), and maintenance (~$860), the estimated NOI is $9,660 per year, or $805/mo.
Kankakee vs Illinois state average and national average across key investment metrics. Kankakee outperforms both benchmarks on cap rate.