Cook County Multifamily Buyer
Sell Your Commercial Property In Cook County, IL
Cook County is anchored by Chicago and includes dozens of suburbs such as Evanston, Cicero, Schaumburg, Skokie, and Arlington Heights. Finance, healthcare, universities, O’Hare International Airport, and corporate headquarters support a vast rental market of courtyard buildings, two-flats, suburban complexes, and high-rises.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Cities We Cover: Chicago · Cicero · Schaumburg · Evanston · Arlington Heights · Skokie — County seat: Chicago
Cook County
Where We Buy In Cook County
We evaluate apartment buildings of 5+ units across Cook County — in each city below, plus smaller towns and unincorporated areas countywide.
Local Market Data
Cook County Apartment Market
Figures gathered October 2026 from public market data.
If you plan to sell commercial property in Cook County, IL, start with the size of the renter base. Cook County holds 887,660 renter households, a 42.3% share of all occupied homes, per the Census Bureau's 2020-2024 American Community Survey. Chicago alone accounts for 70.5% of those renter households, while suburbs such as Evanston and Oak Park post renter shares above 40%.
Apartment buildings carry much of that demand. Cook County counts 791,842 housing units, or 34.8% of its stock, in buildings with five or more units, up 8.3% from the 2015-2019 survey. Median gross rent reached $1,435, a 27.8% gain over the same period, while rental vacancy held at 4.5% countywide. Rents and renter shares shift sharply from Chicago to its surrounding Cook County suburbs.
A 5.2 million-person county
Cook County's population slipped 0.3% to 5,182,090 between the 2015-2019 and 2020-2024 ACS surveys, a loss of 16,185 residents.38,136 more renter households
Renter households in Cook County rose 4.5%, from 849,524 to 887,660, even as the county's overall population declined.60,979 more units in 5+ buildings
Cook County's apartment stock in buildings of five or more units grew 8.3%, from 730,863 to 791,842 units.Who rents in Cook County
Renters head 887,660 of Cook County's 2,100,230 occupied households, a 42.3% share in the 2020-2024 ACS. Owners hold the remaining 1,212,570 households. Chicago alone accounts for 70.5% of all Cook County renter households and 69.6% of the county's units in 5+ unit buildings.
Renter shares vary widely by suburb. Evanston and Oak Park run close to the county average, at 43.8% and 40.0%. Orland Park sits far lower, at 14.2%, with Arlington Heights at 26.0% and Skokie at 25.3%. Cicero and Berwyn lean renter-heavy for older, inner-ring suburbs, at 45.4% and 38.9%.
Rents, growth and affordability
Cook County's median gross rent rose 27.8%, from $1,123 to $1,435, between the 2015-2019 and 2020-2024 ACS surveys. Population moved the other way, down 0.3% to 5,182,090 residents, a loss of 16,185 people over the same span.
Renter households still grew, up 4.5% to 887,660, adding 38,136 households. Units in 5+ unit buildings grew faster, up 8.3% to 791,842, an increase of 60,979 units. That pace of new apartment supply helps explain a 4.5% rental vacancy rate countywide.
Affordability is tight. In the 2020-2024 ACS, 48.9% of Cook County renters paid 30% or more of income on gross rent. HUD's FY2027 two-bedroom Fair Market Rent for the Chicago-Joliet-Naperville HUD Metro FMR Area is $2,011, effective October 1, 2026, which runs $576 above the county's median gross rent.
City-by-city comparison
Rent and renter share split sharply between Cook County's urban core and its suburbs. Chicago posts the highest renter share at 54.0%, with Schaumburg and Evanston commanding the highest rents in this table, at $1,812 and $1,762.
| City | Median gross rent | Renter share | Share of units in 5+ buildings | Rental vacancy |
|---|---|---|---|---|
| Chicago | $1,440 | 54.0% | 43.1% | 4.8% |
| Cicero | $1,154 | 45.4% | 12.4% | 1.6% |
| Evanston | $1,762 | 43.8% | 49.5% | 4.3% |
| Schaumburg | $1,812 | 37.1% | 29.9% | 2.9% |
| Oak Park | $1,593 | 40.0% | 46.7% | 5.4% |
| Arlington Heights | $1,760 | 26.0% | 34.6% | 6.7% |
| Skokie | $1,552 | 25.3% | 27.2% | 3.3% |
| Orland Park | $1,440 | 14.2% | 16.2% | 2.6% |
| Oak Lawn | $1,335 | 17.5% | 22.9% | 4.1% |
| Berwyn | $1,215 | 38.9% | 17.8% | 3.8% |
Vacancy also swings by city. Cicero posts just 1.6% and Orland Park 2.6%, while Arlington Heights reaches 6.7%. Chicago's own vacancy, at 4.8%, tracks close to the countywide 4.5% rate, even with far more rental stock than any suburb in this table.
Suburban rent leaders Schaumburg and Arlington Heights pair high rents with low renter shares, 37.1% and 26.0%. Oak Park combines a near-county-average rent with a dense 46.7% apartment share, a profile that looks more like Evanston than its Cook County suburban peers.
Property taxes and assessment in Cook County
Illinois law sets the general assessment ratio at 33 1/3% of fair cash value, but 35 ILCS 200/9-145 lets counties with more than 200,000 residents classify property instead. Cook County is the state's only county that does this, and it taxes apartment buildings under a different property class than single-family homes.
The Cook County Assessor's office values property on a rolling triennial schedule, with city, suburban-north and suburban-south townships reassessed in different years. Because class and assessed value both affect the bill, sellers should pull the current notice for the exact parcel rather than estimate from a county average.
Cook County has no local rent control. Under 50 ILCS 825/5, Illinois bars any county or municipality from capping rent on private residential or commercial property, so Cook County owners set rents by lease terms and market conditions.
What this means if you sell in Cook County
When you sell commercial property in Cook County, IL, you are selling into the state's largest renter base, 887,660 households, next to a rental vacancy rate of 4.5%. Chicago supplies most of that demand, but suburbs like Evanston and Oak Park offer their own dense, higher-rent pockets worth pricing on their own comparables.
Taxes deserve early attention. Cook County's classification system and triennial reassessment cycle mean a sale can change the next assessed value, so buyers will ask for the current notice before they underwrite your building. Illinois's 45-day deposit-return deadline and 5-day rent-demand notice period also shape how a buyer reviews your leases and tenant files.
As a multifamily buyer active across Cook County, we look at 5+ unit buildings from Chicago to its suburbs as they stand today. Send a current rent roll, a T-12 and your latest tax bill, and we will price the building on those numbers.
Local Knowledge
Selling Multifamily In Illinois
What we factor into every Cook County offer:
More about Illinois →- Cook County is the only Illinois county that classifies property, taxing apartments differently than houses.
- Rent control is preempted statewide under 50 ILCS 825/5; Cook County owners set rents by lease terms.
- Illinois landlords must itemize deposit deductions within 30 days or refund the full deposit within 45.
- Rental vacancy runs 4.5% countywide; confirm trailing occupancy before pricing a Cook County apartment building.
Property Tax
Property Tax In Cook County For Apartment Owners
Homeowners in Cook County pay a median of $6,191 a year in property tax on a median home value of $324,500, an effective rate of about 1.91%, according to the Census Bureau’s 2020-2024 American Community Survey. That is about the same as the Illinois statewide average of 1.88%.
How property tax works in Illinois: classes, assessment and appeals →Estimate a building’s tax bill with the property tax calculator →
- Those figures describe owner-occupied homes. An apartment building can be assessed on a different basis or in a different class, so its bill as a share of value may differ.
- A sale can reset the assessed value. Before you price a Cook County building, check how Illinois reassesses property after a transfer and model the buyer’s new tax bill.
- Pull the actual tax bill from the Cook County assessor or tax collector. City, school and special-district levies stack on top of the county rate.
Seller Guides
Cook County Seller Situations
Learn More
Taxes & Rules For Cook County Property
The Illinois rules that shape any deal in Cook County: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Our Buy Box
What We Buy In Cook County
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
How Selling To Us Works
- 01
Submit The Deal
Send the address, unit count, asking price, and a rent roll or T-12 if you have them.
- 02
Initial Review
We review it against our buy box and give clear feedback — typically within 48 hours.
- 03
Underwriting & LOI
If it fits, we underwrite in detail and submit a written letter of intent.
- 04
Diligence & Close
Inspections and financing on the agreed timeline, then a professional, predictable closing.
Cook County Seller FAQ
How is property assessed for tax purposes in Cook County?
Cook County is the only Illinois county that uses its own property classification ordinance, allowed under 35 ILCS 200/9-145 for counties over 200,000 residents. The Cook County Assessor's office reassesses property on a rolling triennial schedule, so sellers should pull the parcel's current notice rather than estimate from a countywide rate.
Does Cook County have rent control?
No. Illinois's 50 ILCS 825/5 bars any county or municipality from enacting an ordinance that controls rent on private residential or commercial property. Cook County owners, from Chicago to its suburbs, set rents by lease terms and market conditions rather than a local cap.
How much have Cook County rents grown?
Median gross rent in Cook County rose from $1,123 in the 2015-2019 ACS to $1,435 in 2020-2024, a 27.8% gain. HUD's FY2027 two-bedroom Fair Market Rent for the Chicago metro area is $2,011, well above the county's current median.
What is rental vacancy like across Cook County?
Rental vacancy in Cook County was 4.5% in the 2020-2024 ACS. Within the county, Cicero posted 1.6% and Orland Park 2.6%, while Arlington Heights reached 6.7%, so buyers weigh a building's own occupancy history against its specific submarket.
How do I sell commercial property in Cook County, IL?
Send the address, unit count, and any financials. We review Cook County apartment buildings of 5+ units, give feedback typically within 48 hours, and follow with a written letter of intent if it fits.
Do you buy apartment buildings throughout Cook County?
Yes. We evaluate multifamily properties across Cook County, including Chicago, Cicero, Schaumburg, Evanston, Arlington Heights, Skokie, Des Plaines, Bartlett, Buffalo Grove, Burbank, Calumet City, Chicago Heights, Elk Grove Village, Elmhurst, Glenview, Hanover Park, Lansing, Niles, Northbrook, Oak Forest, Park Ridge, Streamwood, Wheeling, Wilmette, Berwyn, Hoffman Estates, Mount Prospect, Oak Lawn, Oak Park, Orland Park, Palatine, and Tinley Park, as well as smaller towns and unincorporated areas. Every property is reviewed on its own fundamentals.
What size Cook County properties do you buy?
Apartment buildings and income-producing residential properties with 5 or more units. Our sweet spot is 15–25 units, and we review larger communities with capital partners.
Will you buy a property that needs work or has high vacancy?
Yes. We underwrite value-add, mismanaged, and distressed properties as they are today — no repairs or lease-up required before selling.
Can I sell rental property in Cook County with tenants in place?
Yes. We buy apartment buildings with tenants in place and keep existing leases intact. As a commercial real estate buyer focused on 5+ unit properties, we underwrite the current rent roll as it stands.
How fast can I sell my apartment building in Cook County?
Most owners get clear feedback within 48 hours of sending the address, unit count, and a rent roll. Closing is typically set around your timeline, including extra time for a 1031 exchange.
How do property taxes factor into a Cook County offer?
Property is assessed at the county level (the county seat is Chicago), within Illinois rules. Illinois has some of the highest effective property tax rates in the country, and Cook County reassesses on a triennial cycle. We review your assessment history and likely post-sale taxes.
Submit A Deal
Have A Property In Cook County?
Tell us about it. Owners, agents, brokers, and deal finders are all welcome — conversations are confidential.
