Residential Leasing Agent Salaries in Illinois: A Comprehensive Guide

In Illinois, residential leasing agents work on behalf of property owners to facilitate the process of listing, marketing, and renting apartments, condos, or homes. This entry-level position offers exposure to the state’s real estate market and helps you develop the necessary skills for a career in the industry. As a residential leasing agent, you’ll gain the knowledge and experience needed to progress into a more senior role in leasing, real estate sales, or property management.

What Does A Leasing Agent Do In Illinois?

Leasing agents assume a wide variety of responsibilities in their day-to-day job. They interact with both property owners and prospective tenants throughout the leasing process. Leasing agents update rental listings and advertise vacancies on social media, or company websites. They also schedule showings for interested tenants and manage the leasing process from application to approval. According to Illinois state law, leasing agents may also supervise the collection of rent for currently rented properties.

It's also important to note some things that leasing agents cannot do. In Illinois, leasing agents are restricted to rental activities only. This means that they may not sell homes, list properties for sale, or negotiate sales contracts.

If you want to work as a leasing agent in Illinois, you must be at least 18 years old and have earned a high school diploma, or GED. You will also need to complete 15 hours of pre-licensing education and pass the state licensing examination within 120 days of beginning your work in the field. You mush also find a sponsoring real estate broker to work under

Real Esate Leasing Agent Salary in Illinois

Leasing agent positions are typically considered an entry-level job in the real estate industry. So, you can expect to earn a salary consistent with a new employee who is gaining experience in the world of rental real estate. Leasing agents are often paid an hourly rate, with the possibility of earning a small performance-based bonus or commission.

Average Residential Leasing Agent Salaries in Illinois

According to Indeed, the average base wage for a leasing agent in Illinois is $18.90 per hour, which is similar to the national average.

Salary Range for Residential Leasing Agents in Illinois

Indeed reports a salary range between $12.04 and $29.65 per hour for recent leasing agent job opportunities in Illinois. Factors that may contribute to this salary variation include:

• Years on the job – Experienced leasing agents may outearn newer agents with less knowledge of the rental process.

• Type of property leased – Larger real estate brokers with an established client base may pay a higher salary to leasing agents.

• Geographic location – Some cities or counties in Illinois may offer a higher salary to leasing agents than others. This could depend on the average rents in the area, the cost of living, or the demand for leasing agents in the local labor market.

Bonus or incentives – Leasing agents may receive a portion of their pay

Job Market Trends for Residential Leasing Agents in Illinois

According to the Illinois Work Net Center, real estate-related professions such as real estate sales agents and property managers have a relatively high number of annual openings. This means that opportunities will become available for leasing agents willing to branch out and progress in their career. Location may be a factor as well. Residential leasing agents may find more open positions in Illinois cities and towns with high-rise rental housing, or a greater number of multi-family housing units.

Comparison of Residential Leasing Agent Salaries in Illinois with Other States

How do residential leasing agent salaries in Illinois compare with the rest of the country? Per Indeed, the neighboring state of Indiana averages $17.67 per hour and Michigan clocks in at $18.58 per hour. In some of the top U.S. real estate markets, leasing agent salaries rise above the national average. Indeed reports an average salary for leasing agents in California of $22.05 per hour. New Jersey averages $21.57 per hour and Florida, the home to the nation’s hottest market in Miami, pays an average of $18.72 per hour.

How to Increase Your Earning Potential as a Leasing Agent in Illinois

Gaining job experience can help you move up the job ladder and earn a higher salary in a senior leasing agent role. Broadening your job responsibilities by learning property management skills can also increase your salary potential. Demonstrating strong sales and negotiation skills will boost the likelihood of earning performance bonuses or an annual raise. Other steps you can take to increase earnings include:

Committing to ongoing education and development. Learn as much as possible about the leasing process and keep up with changes in state real estate laws to provide exceptional service to clients.

Building strong client relationships. Develop a network of past clients and keep in touch with them in case they need to rent in the future. Leverage this client network to help you with referrals. Asking for refences and online reviews is another way to gain exposure in the local market and grow your client base.

Specializing in a niche market. Research the demand for different types of rentals in Illinois and focus on one area with the intention of becoming an expert. This could be apartments for college students in Chicago or vacation rentals for tourists and travelers. You may also want to reach out to local companies and ask if they need assistance with corporate housing for relocated executives or employees.

Improving negotiation skills. Residential leasing agents must understand how to successfully negotiate lease terms when conflicts arise between owners and tenants.

Understanding local real estate. Clients are looking for leasing agents to add value to the rental process. Many of them coming from out of state rely on their agents to explain the relative pros and cons of living in a certain neighborhood. Become an expert in the local rental market to quickly find the best rental property that will appeal to your clients.

Accept a commission-based leasing agent position. As you gain confidence in your leasing skills, you may want to consider jobs that pay a greater percentage of commission. While your hourly rate may not change, you can increase your earnings with stellar job performance. Working on partial commission will give you a feel for what it might be like to transition into a career as a commission-based real estate sales agent.

Is a Leasing Agent Position Right for You?

Working as a leasing agent provides an opportunity to learn about the rental process while exploring a real estate career. You’ll also develop valuable knowledge about landlord-tenant laws, learn how to advertise and show properties, and develop the negotiation skills needed to finalize a lease agreement. If you’ve ever considered working in real estate, taking a job as a leasing agent gives you excellent experience that can serve as the basis for a long-term career.

Thinking about a career in real estate? Learn more about the Illinois pre-licensing requirements for residential leasing agents.