DeKalb (IL) Investor Pulse Report (2026-Q1)

Investor-owned properties comprise 9.8% of DeKalb County's total SFR market, totaling 2,541 homes. This represents a significant, yet not dominant, portion of the local housing stock.

Individual investors are the primary force in the market, owning 2,041 properties (80.3%), while company-owned SFRs account for the remaining 560 properties (22.0%).

This individual dominance is also reflected in entity counts, with 2,492 individual landlords compared to just 354 company landlords, a ratio of approximately 7 to 1.

Financing strategies show a near-even split. Investors hold 1,395 properties (55.0%) with cash and 1,146 (45.0%) with financing, indicating a balanced approach to leverage across the investor pool.

The portfolio is heavily geared towards rental income, with 2,423 properties classified as rented, underscoring the focus on long-term rental strategies over short-term flips in the region.

In Q1 2026, landlords demonstrated significant purchasing power, acquiring properties for an average price of $247,209, a substantial 17.4% discount compared to traditional homeowners who paid $299,242.

This price advantage translates to an average savings of $52,033 per property, highlighting a key strategic edge for investors in DeKalb County's market.

The landlord discount shows significant volatility, returning to a high point in Q1 2026. After narrowing to 13.3% in Q1 2025 and even flipping to a 1.3% premium in Q3 2025, the current 17.4% discount signals a highly favorable buying environment for investors.

Property values have appreciated considerably since the 2020-2023 period, when the average landlord acquisition price was just $189,872. The current Q1 price of $247,209 marks a 30.2% increase from that era.

The widening discount in Q1 2026 suggests that investors are becoming more adept at sourcing off-market deals or that market conditions are shifting to favor cash or quick-close offers typically made by investors.

Investors acquired 26 of the 186 total SFR properties sold in Q4 2025, capturing a 13.4% share of the market's sales activity.

The activity was heavily concentrated among small-scale investors. Mom-and-pop landlords (1-10 properties) were responsible for 23 of these purchases, representing 88.5% of the total investor buy-side.

New entrants made a strong showing, with 25 new single-property entities acquiring 18 homes, signaling a healthy influx of first-time real estate investors into the market.

In stark contrast, institutional investors (1,000+ properties) were minimally active, purchasing just one property and accounting for only 3.8% of landlord acquisitions for the quarter.

This data underscores that the growth in investor ownership in DeKalb County is driven almost entirely by small, local operators rather than large, out-of-state corporations.

The investor landscape in DeKalb County is dominated by small landlords. Tiers 01-04 (1-10 properties) collectively own 2,475 properties, which is 93.4% of all investor-held SFRs.

Single-property landlords form the bedrock of the market, with their 1,703 properties representing 64.3% of the entire investor portfolio, demonstrating the importance of new and small-scale participants.

Mid-size landlords (11-1,000 properties) hold a niche but important position, controlling a combined 6.3% of the portfolio across several tiers.

Institutional investors (Tier 09) have a negligible footprint in the county, owning just 8 properties. This amounts to only 0.3% of the investor market share, challenging the narrative of widespread institutional ownership.

This distribution pattern firmly shows the local rental market is overwhelmingly supported by small-scale, community-level investors rather than large corporate entities.

Individual investors maintain majority ownership across all portfolio sizes in DeKalb County, highlighting their pervasive influence in the market from entry-level to more scaled operations.

In the foundational single-property tier, individuals own 1,532 of the 1,703 properties, an overwhelming 88.0% share that illustrates the grassroots nature of local real estate investing.

As portfolio sizes increase, company ownership grows but never overtakes individuals. In the 6-10 property tier, the company share rises to 37.8%, but individuals still hold a strong 62.2% majority.

The data reveals no crossover point where companies become the dominant owner type, a significant finding that reinforces the 'mom-and-pop' character of the local rental market.

This consistent individual dominance across tiers suggests that even as investors scale, many prefer to operate under personal ownership rather than forming more complex corporate entities for their holdings.

Investor ownership is highly concentrated geographically within DeKalb County. The 60115 zip code is the clear hotspot, containing 1,119 investor-owned properties, which is 44.0% of the county's entire investor portfolio.

The top five zip codes by property count (60115, 60178, 60548, 60135, 60112) collectively hold 2,070 properties, representing a massive 81.5% of all investor-owned SFRs.

The areas with the highest rates of investor penetration are different from the volume leaders. The 60152 and 60511 zip codes have the highest density, with 28.6% of their housing stock owned by investors.

This distinction between high-volume and high-penetration areas reveals different market dynamics. 60115 is a large market with significant investor presence, while smaller zip codes like 60152 have a much higher saturation of rental properties relative to their size.

The investor ownership rate in the top zip code by count, 60115, is 13.5%, significantly higher than the county average of 9.8%, marking it as a key submarket for rental activity.

Landlords in DeKalb County are in a phase of aggressive accumulation. In Q1 2026, they purchased 35 properties while selling only 8, resulting in a strong net gain of 27 properties and a 4.4-to-1 buy-to-sell ratio.

This behavior is part of a sustained trend of portfolio growth. In 2025, landlords bought 456 properties and sold only 97 (a 4.7x ratio), and in 2024 they bought 304 and sold 60 (a 5.1x ratio).

Institutional investors (1,000+ properties) exhibit the exact opposite behavior. They have been consistent net sellers, with a net change of -2 properties in 2025 and -1 in 2024, indicating a pattern of divestment.

This divergence is a critical market signal: while smaller, local investors are expanding their portfolios and demonstrating confidence in the market, the largest institutional players are slowly divesting their assets.

The data clearly indicates the growth in rental stock is being driven by the mom-and-pop and mid-size segments, while the institutional footprint in DeKalb County is shrinking.

In Q1 2026, landlords participated in 35 of the 255 total SFR transactions in the county, accounting for a 13.7% market share of activity.

A significant price disparity exists between investor tiers, revealing different acquisition strategies. Single-property landlords, often new entrants, paid the highest average price at $262,800 per property.

In contrast, the institutional tier (1,000+ properties) paid an average of $189,912, a 27.7% discount compared to their smallest counterparts, showcasing the purchasing power and access to deals that comes with scale.

Mom-and-pop investors (Tiers 01-04) drove the vast majority of activity, conducting 31 of the 35 landlord transactions (88.6%) during the quarter.

The market for new investors does not appear to be heavily reliant on inventory from existing landlords. Only 2 of the 25 transactions by single-property buyers (8.0%) were sourced from another landlord, suggesting they primarily buy from homeowners.