Illinois Residential Rent and Rental Statistics
The median monthly gross residential rent in Illinois was $1,020 in 2019 according to the Census ACS survey.1 Average gross rent was $1,081 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Illinois median and average rent data will be released in September of 2021.
Data is also available below for Illinois rental vacancy rates, Illinois rent as a percent of median income and the fraction of renters in Illinois.
Real Gross Rent in Illinois (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Illinois Median Gross Rent | $1,020 | +0.69% | +2.51% |
Illinois Real Gross Rent Trends
At $1,020, real median gross rent in Illinois was at its highest level in 2019 since the series began in 2005. At $1,081, real average gross rent in Illinois was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Illinois: Median, Average, US Median
Real Gross Rent History for Illinois
| Date | US Median | Illinois Median | Illinois Average |
|---|---|---|---|
| 2019 | $1,097 | $1,020 | $1,081 |
| 2018 | $1,077 | $1,013 | $1,079 |
| 2017 | $1,043 | $1,004 | $1,063 |
| 2016 | $1,027 | $995 | $1,053 |
| 2015 | $1,017 | $993 | $1,048 |
| 2014 | $986 | $955 | $1,009 |
| 2013 | $953 | $932 | $977 |
| 2012 | $940 | $923 | $965 |
| 2011 | $941 | $928 | $973 |
| 2010 | $955 | $948 | $987 |
| 2009 | $960 | $944 | $981 |
| 2007 | $927 | $920 | $948 |
| 2005 | $910 | $918 | $929 |
Illinois Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Illinois was 5.65% according to Census ACS data.
Rental Vacancy Rate in Illinois
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Illinois | 5.65% | -0.67% | -0.36% |
Trends in Illinois Rental Vacancy Rate
The rental vacancy rate in Illinois peaked in 2005 at 9.45%. Since then it has fallen by 3.80% to 5.65%. Data records for this series originated in 2005.
Rental Vacancy Rate: Illinois, US
Historical Rental Vacancy Rate data for Illinois
| Date | US | Illinois |
|---|---|---|
| 2019 | 5.97% | 5.65% |
| 2018 | 6.15% | 6.32% |
| 2017 | 6.18% | 7.02% |
| 2016 | 5.89% | 6.01% |
| 2015 | 5.85% | 6.21% |
| 2014 | 6.32% | 6.53% |
| 2013 | 6.49% | 6.16% |
| 2012 | 6.77% | 6.39% |
| 2011 | 7.40% | 7.35% |
| 2010 | 8.17% | 7.66% |
| 2009 | 8.43% | 7.84% |
| 2007 | 7.87% | 7.69% |
| 2005 | 7.74% | 9.45% |
Illinois Rent as a Fraction of Income
Using median household income data for Illinois, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Illinois, median monthly gross rent as a fraction of median household income was 17.69% in 2019 according to the ACS.
Illinois Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Illinois | 17.69% | -0.67% | -1.01% |
Trends in Illinois Rent as a Fraction of Income
The fraction of median Illinois household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.36%. Since then it has fallen by 1.67% to 17.69%.
Fraction of Income towards Rent: Illinois, US
Historical Data for Annual Rent as a Fraction of Income in Illinois
| Date | US | Illinois |
|---|---|---|
| 2019 | 20.03% | 17.69% |
| 2018 | 20.50% | 18.36% |
| 2017 | 20.13% | 18.55% |
| 2016 | 20.43% | 18.70% |
| 2015 | 20.63% | 18.85% |
| 2014 | 20.89% | 18.91% |
| 2013 | 20.78% | 18.89% |
| 2012 | 20.65% | 18.89% |
| 2011 | 20.70% | 19.36% |
| 2010 | 20.50% | 19.21% |
| 2009 | 20.12% | 18.41% |
| 2007 | 18.66% | 17.36% |
| 2005 | 18.89% | 17.52% |
Renter Fraction in Illinois
You can calculate the renter fraction in Illinois in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Illinois as a fraction of total Illinois households. In 2019 33.99% of households were renters according to Census ACS data.
Illinois Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Illinois | 33.99% | -0.02% | -0.75% |
Trends in the Illinois Renter Fraction
The Illinois household renter fraction peaked in in 2016 at 34.74% and is now 0.75% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Illinois, US
History of Illinois Renter Fraction
| Date | US | Illinois |
|---|---|---|
| 2019 | 35.89% | 33.99% |
| 2018 | 36.05% | 34.01% |
| 2017 | 36.13% | 33.82% |
| 2016 | 36.88% | 34.74% |
| 2015 | 36.97% | 34.72% |
| 2014 | 36.90% | 34.51% |
| 2013 | 36.50% | 34.06% |
| 2012 | 36.09% | 33.40% |
| 2011 | 35.42% | 32.65% |
| 2010 | 34.65% | 32.27% |
| 2009 | 34.13% | 32.00% |
| 2007 | 32.80% | 29.94% |
| 2005 | 33.10% | 30.13% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
