Invest In Apartment Buildings In Quincy, IL

Who Rents In Quincy

Quincy's apartment demand starts with its 6,415 renter households, 36.4% of all occupied homes in the city (U.S. Census ACS 2020–2024). The renter count grew 4.3% from the 2015–2019 survey, faster than the population's -2.9% gain. That means part of the new demand came from people who already lived here and chose to rent.

Median household income in Quincy, IL is $56,480, up 22.3% over five years. Resident employment held about flat and the unemployment rate was 4.7% in the latest survey. Rent and income have moved at a similar pace (17.9% and 22.3%), so affordability hasn't shifted much.

Renters are a large minority in Quincy. Buildings close to employers and main roads usually see the steadiest demand. Population fell 2.9% over five years, so we'd plan for slower leasing and conservative rent assumptions here.

Quincy Rent Trends And Supply

Median gross rent in Quincy, IL is $837 a month, up 17.9% from $710 in the 2015–2019 survey (U.S. Census ACS 2020–2024). It's a healthy increase, without the spike some fast-growing metros saw.

Rental vacancy is 4.5%, within the normal range for a balanced market. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 42.3% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 13% of homes in Quincy are in buildings with 5 or more units, roughly 2,491 homes. That count rose 16.5% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1959. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start.

How Quincy Ranks For Apartment Investors

Among the 88 Illinois cities we track, Quincy ranks 84th for median gross rent, 22nd for renter share and 66th for five-year rent growth. Its rents sit near the bottom of the group, which keeps it affordable for tenants but also caps what renovations can earn. In raw numbers, Quincy has about 1,171 fewer residents, 264 more renter households and 353 more homes in buildings with 5 or more units than in the 2015–2019 survey. Growth in renter households and new apartment homes has been roughly in balance.

How Quincy Compares With The Illinois Average

Quincy's median gross rent of $837 is below the Illinois median of $1,274, and its renter share is 36.4% compared with 32.9% statewide.

Rent Versus Income In Quincy

The median rent in Quincy works out to $10,044 a year, about 17.8% of the median household income of $56,480. Under the common 30% guideline, a household needs about $33,500 a year to cover that rent comfortably. That's close to the Illinois figure of 18.3%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $127 a month ($1,524 a year), while median household income rose $10,298 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago.

Quincy Rental Market In Numbers

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Quincy, IL has 39,109 residents, down 2.9% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Quincy, IL is $56,480, up 22.3% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Quincy, IL is $837 a month, up 17.9% over five years (U.S. Census ACS 2020–2024).
• 36.4% of households in Quincy, IL rent, about 6,415 renter households (U.S. Census ACS 2020–2024).
• 13% of homes in Quincy, IL are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Quincy, IL is 4.5%, and 42.3% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Quincy, IL was built in 1959 (U.S. Census ACS 2020–2024).

What We Look For In A Quincy Apartment Building

In Quincy we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

Property taxes are a big line item for any Illinois apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Illinois has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Illinois reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Our underwriting assumes modest rent growth, a full reserve for repairs and debt the property can carry in a slow year.

Due Diligence For Apartment Syndications In Quincy

The data on this page turns into a short checklist for evaluating an apartment syndication in Quincy.

• What vacancy does the plan assume? Rental vacancy in Quincy is 4.5%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 17.9% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Quincy was built in 1959, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Quincy rose 16.5% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Quincy Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Quincy or elsewhere and you're eligible, we'll reach out privately with the details.