Lake County Illinois Residential Rent and Rental Statistics
The median monthly gross residential rent in Lake County IL was $1,210 in 2019 according to the Census ACS survey.1 Average gross rent in Lake County was $1,246 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 Lake County median and average rent data will be released in September of 2021.
Data is also available below for Lake County rental vacancy rates, Lake County rent as a percent of median income and the fraction of renters in Lake County.
Real Gross Rent in Lake County 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% |
| Lake County IL Median Gross Rent | $1,210 | -0.90% | +4.67% |
Lake County IL Real Gross Rent Trends
Median gross rent for Lake County peaked in real terms in 2018 at $1,221 and is now $11 (0.90%) lower. Average gross rent for Lake County peaked in real terms in 2018 at $1,283 and is now $37 (2.88%) lower.
Real Gross Rent: Lake County IL Median, Lake County IL Average, Illinois Median, US Median
Real Gross Rent History for Lake County
| Date | US Median |
Illinois Median |
Lake County IL Median |
Lake County IL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,020 | $1,210 | $1,246 |
| 2018 | $1,077 | $1,013 | $1,221 | $1,283 |
| 2017 | $1,043 | $1,004 | $1,209 | $1,264 |
| 2016 | $1,027 | $995 | $1,156 | $1,184 |
| 2015 | $1,017 | $993 | $1,161 | $1,226 |
| 2014 | $986 | $955 | $1,147 | $1,198 |
| 2013 | $953 | $932 | $1,047 | $1,107 |
| 2012 | $940 | $923 | $1,068 | $1,124 |
| 2011 | $941 | $928 | $1,093 | $1,160 |
| 2010 | $955 | $948 | $1,069 | $1,139 |
| 2009 | $960 | $944 | $1,137 | $1,207 |
| 2007 | $927 | $920 | $1,083 | $1,135 |
| 2005 | $910 | $918 | $1,066 | $1,078 |
Lake County 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 Lake County Illinois was 6.16% according to Census ACS data.
Rental Vacancy Rate in Lake County Illinois
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Illinois | 5.65% | -0.67% | -0.36% |
| Lake County IL | 6.16% | +1.48% | -1.60% |
Trends in Lake County IL Rental Vacancy Rate
The rental vacancy rate in Lake County peaked in 2009 at 10.30%. Since then it has fallen by 4.14% to 6.16%. Data records for this series originated in 2005. From a 2017 post peak low of 4.42%, the rental vacancy rate has increased by 1.74%.
Rental Vacancy Rate: Lake County IL, Illinois, US
Historical Rental Vacancy Rate data for Lake County
| Date | US | Illinois | Lake County IL |
|---|---|---|---|
| 2019 | 5.97% | 5.65% | 6.16% |
| 2018 | 6.15% | 6.32% | 4.68% |
| 2017 | 6.18% | 7.02% | 4.42% |
| 2016 | 5.89% | 6.01% | 7.76% |
| 2015 | 5.85% | 6.21% | 5.52% |
| 2014 | 6.32% | 6.53% | 7.35% |
| 2013 | 6.49% | 6.16% | 4.43% |
| 2012 | 6.77% | 6.39% | 7.04% |
| 2011 | 7.40% | 7.35% | 5.59% |
| 2010 | 8.17% | 7.66% | 7.93% |
| 2009 | 8.43% | 7.84% | 10.30% |
| 2007 | 7.87% | 7.69% | 7.28% |
| 2005 | 7.74% | 9.45% | 7.12% |
Rent as a Fraction of Income
Using median household income data for Lake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lake County, median monthly gross rent as a fraction of median household income was 15.70% in 2019 according to the ACS.
Lake County 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% |
| Lake County IL | 15.70% | -0.82% | -0.24% |
Trends in Lake County IL Rent as a Fraction of Income
The fraction of median Lake County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 16.76%. Since then it has fallen by 1.06% to 15.70%.
Fraction of Income towards Rent: Lake County IL, Illinois, US
Historical Data for Annual Rent as a Fraction of Income in Lake County Illinois
| Date | US | Illinois | Lake County IL |
|---|---|---|---|
| 2019 | 20.03% | 17.69% | 15.70% |
| 2018 | 20.50% | 18.36% | 16.51% |
| 2017 | 20.13% | 18.55% | 16.39% |
| 2016 | 20.43% | 18.70% | 15.93% |
| 2015 | 20.63% | 18.85% | 15.99% |
| 2014 | 20.89% | 18.91% | 16.76% |
| 2013 | 20.78% | 18.89% | 15.93% |
| 2012 | 20.65% | 18.89% | 16.21% |
| 2011 | 20.70% | 19.36% | 16.35% |
| 2010 | 20.50% | 19.21% | 15.37% |
| 2009 | 20.12% | 18.41% | 15.68% |
| 2007 | 18.66% | 17.36% | 14.21% |
| 2005 | 18.89% | 17.52% | 14.89% |
Renter Fraction in Lake County Illinois
You can calculate the renter fraction in Lake County 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 Lake County as a fraction of total Lake County households. In 2019 27.13% of households were renters according to Census ACS data.
Lake County 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% |
| Lake County IL | 27.13% | +0.78% | +0.16% |
Trends in the Lake County IL Renter Fraction
The Lake County household renter fraction peaked in in 2015 at 28.01% and is now 0.88% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lake County IL, Illinois, US
History of Lake County Renter Fraction
| Date | US | Illinois | Lake County IL |
|---|---|---|---|
| 2019 | 35.89% | 33.99% | 27.13% |
| 2018 | 36.05% | 34.01% | 26.35% |
| 2017 | 36.13% | 33.82% | 26.76% |
| 2016 | 36.88% | 34.74% | 26.97% |
| 2015 | 36.97% | 34.72% | 28.01% |
| 2014 | 36.90% | 34.51% | 25.84% |
| 2013 | 36.50% | 34.06% | 26.76% |
| 2012 | 36.09% | 33.40% | 25.38% |
| 2011 | 35.42% | 32.65% | 23.26% |
| 2010 | 34.65% | 32.27% | 23.79% |
| 2009 | 34.13% | 32.00% | 21.97% |
| 2007 | 32.80% | 29.94% | 21.34% |
| 2005 | 33.10% | 30.13% | 22.07% |
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. ↩
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