Kendall (IL) Investor Pulse Report (2025-Q4)

Investors have a significant footprint in Kendall County, owning 6,651 single-family residential properties, which constitutes 16.1% of the total market of 41,305 SFRs.

The ownership landscape is overwhelmingly composed of individual investors, who hold 5,854 properties (88.0%), dwarfing the 930 properties (14.0%) held by companies and challenging the narrative of corporate dominance.

This pattern extends to the number of investor entities, where 8,913 individual landlords make up 93.8% of the total 9,497 investors, compared to just 584 company entities.

The portfolio is heavily focused on generating rental income, with 6,564 properties (98.7%) classified as rented and non-owner-occupied, indicating a clear business purpose rather than speculative holding.

A majority of the investor-owned portfolio is leveraged, as evidenced by 4,627 properties (69.6%) being financed, while 2,024 properties (30.4%) are owned free-and-clear with cash.

In Q4 2025, landlords demonstrated a distinct pricing advantage, acquiring properties for an average of $393,629, which is 2.0% ($8,000) less than the $401,629 paid by traditional homeowners.

This landlord discount is highly volatile and not consistent throughout the year. While investors secured discounts in Q4 and Q2 (2.4%), they paid significant premiums in other quarters, including a 7.1% premium ($28,582) in Q3 and a 5.7% premium ($20,536) in Q1.

Overall acquisition prices have remained relatively stable year-over-year, with the 2025 average price of $407,135 being just slightly higher than the 2024 average of $403,418.

However, current prices reflect substantial market appreciation since the 2020-2023 period, when the average acquisition price was $352,397. The 2025 average represents a 15.5% increase from that timeframe.

It is important to note that while price points are provided, the corresponding property counts in the acquisition data are zero, suggesting these averages are based on a specific sample not reflected in the aggregate counts.

Landlords were the primary buyers in Kendall County during Q4 2025, purchasing 224 of the 326 total SFRs sold and capturing a commanding 68.7% market share of all transactions.

This buying surge was almost entirely driven by small-scale investors. Mom-and-pop landlords (owning 1-10 properties) acquired 221 properties, which accounts for 98.7% of all landlord purchases during the quarter.

The market witnessed a significant influx of new entrants, with 331 new single-property landlord entities making purchases. These new investors alone acquired 202 properties, representing 89.4% of all landlord buying activity.

Institutional investors with portfolios over 1,000 properties had a negligible impact on the Q4 market, purchasing only a single property. This underscores a market heavily skewed towards smaller, local investors.

Mid-size landlords (11-100 properties) also played a very limited role, collectively acquiring only 4 properties, further cementing the overwhelming dominance of the smallest investor tiers in driving market activity.

The investor landscape in Kendall County is overwhelmingly controlled by small-scale landlords. Mom-and-pop investors, defined as those owning 1-10 properties, control a massive 94.5% of all investor-owned SFRs.

The single-property landlord is the true backbone of the rental market, with this tier alone accounting for 5,741 properties. This represents 84.5% of the entire investor-held housing stock in the county.

In stark contrast to common narratives, institutional investors (Tier 09) have a very small footprint. Their holdings of 235 properties amount to just 3.5% of the investor-owned market.

Mid-size investors (owning 11-1,000 properties) collectively own only 2.1% of the market's investor-held properties, highlighting a significant gap between the vast number of small landlords and the few large-scale players.

This distribution reveals a highly fragmented and decentralized ownership structure, indicating the local rental market is primarily supplied by individuals rather than large corporations.

Individual investors form the foundation of the Kendall County market, overwhelmingly dominating smaller portfolios. They own 93.1% of all single-property holdings and maintain a majority share of over 63% in portfolios as large as 20 properties.

A distinct strategic shift occurs in the 21-50 property tier, where companies become the majority owner type for the first time. In this segment, companies own 85.7% of the properties, signaling a transition to more formalized business structures is necessary for scaling.

While individuals are more numerous, companies steadily increase their presence as portfolio size grows. They own 28.0% of properties in the 3-5 tier and 33.7% in the 6-10 tier, indicating a deliberate strategy of incorporation for growth.

The data reveals that many sizable portfolios continue to be managed without a corporate structure. Individuals still own 66.3% of properties in the 6-10 property tier, showcasing the viability of personal ownership at a meaningful scale.

This pattern suggests different operational strategies: individuals focus on acquiring a few properties, while investors aiming to scale beyond 20 units are more likely to adopt a corporate structure.

Investor ownership is highly concentrated by volume, with the top two zip codes, 60560 (1,763 properties) and 60543 (1,703 properties), together accounting for 52.1% of all investor-owned SFRs in Kendall County.

While some areas have high counts, others show extreme market penetration. Zip code 60536 leads with a 60.7% investor ownership rate, followed by 60511 (50.0%), indicating neighborhoods where investors are the majority or near-majority homeowners.

A key finding is the distinction between areas with high volume versus high penetration rates. For example, 60560 leads the county by count but has a modest 18.7% ownership rate, far lower than the 60.7% in 60536, revealing different investor strategies.

The dominance of a few key areas is clear, as the top five zip codes by property count contain 5,541 properties, representing 83.3% of the total investor portfolio in the county.

This geographic distribution reveals clear investment theses, with some investors targeting larger, more liquid markets for volume while others focus on smaller markets to achieve high density and market control.

The investor community in Kendall County is in a strong accumulation phase. In 2025, landlords purchased 1,854 SFRs while selling only 193, resulting in a net gain of 1,661 properties and a powerful 9.6-to-1 buy/sell ratio.

In a sharp and telling contrast, institutional investors (1000+ tier) are actively divesting from the market. During 2025, this tier was a net seller, acquiring only one property while offloading five, indicating a strategic retreat.

This strong net-buyer trend among the broader investor base is consistent across recent quarters. In Q4 2025, landlords maintained an 8.8-to-1 buy/sell ratio (360 buys vs. 41 sells), demonstrating sustained demand for acquisitions.

Transaction velocity remains high. While slightly down from the 2,186 purchases in 2024, the 1,854 acquisitions in 2025 signal continued confidence and capital deployment into the Kendall County market by smaller investors.

The divergence between smaller investors accumulating and large institutions selling suggests a market shift. Mom-and-pop landlords are absorbing inventory, including properties offloaded by larger players, and are now the primary drivers of market growth.

Investor activity defined the market in Q4 2025, with landlords participating in 360 of the 528 total transactions. This 68.2% share establishes them as the primary movers of housing inventory in Kendall County.

A clear pricing advantage emerges with scale. The institutional investor in the 1000+ tier paid an average of $355,000, securing a 9.7% discount compared to the $393,260 average price paid by new single-property landlords.

Transaction volume was overwhelmingly concentrated among the smallest investors. Single-property landlords (Tier 01) were responsible for 331 transactions, representing 91.9% of all landlord activity for the quarter.

While most purchases come from the open market, some inter-landlord trading occurs, especially among established small investors. Landlords in the 3-5 property tier sourced 15.4% of their acquisitions from other investors, a higher rate than the 11.8% for new buyers.

Purchase prices varied significantly across tiers, suggesting different asset strategies. Small landlords in the 3-5 property tier paid the highest average price at $475,667, while some mid-size tiers focused on lower-priced assets, paying as little as $203,500.