Peoria Illinois Residential Rent and Rental Statistics
The median monthly gross residential rent in Peoria, IL (the Peoria metro area) was $732 in 2019 according to the Census ACS survey.1 Average gross rent in Peoria was $743 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 Peoria median and average rent data will be released in September of 2021.
Data is also available below for Peoria rental vacancy rates, Peoria rent as a percent of median income and the fraction of renters in Peoria.
Real Gross Rent in Peoria 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% |
| Peoria, IL Median Gross Rent | $732 | -7.46% | -5.91% |
Peoria, IL Real Gross Rent Trends
Median gross rent for Peoria peaked in real terms in 2018 at $791 and is now $59 (7.46%) lower. Average gross rent for Peoria peaked in real terms in 2015 at $815 and is now $72 (8.83%) lower.
Real Gross Rent in Peoria: Peoria IL Median, Peoria IL Average, Illinois Median, US Median
Real Gross Rent History for Peoria
| Date | US Median |
Illinois Median |
Peoria, IL Median |
Peoria, IL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,020 | $732 | $743 |
| 2018 | $1,077 | $1,013 | $791 | $799 |
| 2017 | $1,043 | $1,004 | $750 | $782 |
| 2016 | $1,027 | $995 | $778 | $743 |
| 2015 | $1,017 | $993 | $784 | $815 |
| 2014 | $986 | $955 | $747 | $787 |
| 2013 | $953 | $932 | $726 | $733 |
| 2012 | $940 | $923 | $712 | $706 |
| 2011 | $941 | $928 | $699 | $711 |
| 2010 | $955 | $948 | $735 | $736 |
| 2009 | $960 | $944 | $757 | $735 |
| 2007 | $927 | $920 | $755 | $767 |
| 2005 | $910 | $918 | $718 | $723 |
Peoria 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 Peoria Illinois was 9.13% according to Census ACS data.
Rental Vacancy Rate in Peoria Illinois
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Illinois | 5.65% | -0.67% | -0.36% |
| Peoria, IL | 9.13% | +1.81% | +1.80% |
Trends in Peoria, IL Rental Vacancy Rate
The rental vacancy rate in Peoria peaked in 2005 at 12.94%. Since then it has fallen by 3.81% to 9.13%. Data records for this series originated in 2005. From a 2012 post peak low of 4.19%, the rental vacancy rate has increased by 4.94%.
Rental Vacancy Rate: Peoria IL, Illinois, US
Historical Rental Vacancy Rate data for Peoria
| Date | US | Illinois | Peoria, IL |
|---|---|---|---|
| 2019 | 5.97% | 5.65% | 9.13% |
| 2018 | 6.15% | 6.32% | 7.32% |
| 2017 | 6.18% | 7.02% | 12.60% |
| 2016 | 5.89% | 6.01% | 7.33% |
| 2015 | 5.85% | 6.21% | 9.78% |
| 2014 | 6.32% | 6.53% | 6.47% |
| 2013 | 6.49% | 6.16% | 7.58% |
| 2012 | 6.77% | 6.39% | 4.19% |
| 2011 | 7.40% | 7.35% | 5.28% |
| 2010 | 8.17% | 7.66% | 8.66% |
| 2009 | 8.43% | 7.84% | 9.10% |
| 2007 | 7.87% | 7.69% | 10.25% |
| 2005 | 7.74% | 9.45% | 12.94% |
Rent as a Fraction of Income
Using median household income data for Peoria, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Peoria, median monthly gross rent as a fraction of median household income was 14.55% in 2019 according to the ACS.
Peoria 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% |
| Peoria, IL | 14.55% | -1.36% | -1.07% |
Trends in Peoria, IL Rent as a Fraction of Income
The fraction of median Peoria household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 15.98%. Since then it has fallen by 1.43% to 14.55%.
Fraction of Income towards Rent: Peoria IL, Illinois, US
Historical Data for Annual Rent as a Fraction of Income in Peoria Illinois
| Date | US | Illinois | Peoria, IL |
|---|---|---|---|
| 2019 | 20.03% | 17.69% | 14.55% |
| 2018 | 20.50% | 18.36% | 15.91% |
| 2017 | 20.13% | 18.55% | 15.18% |
| 2016 | 20.43% | 18.70% | 15.62% |
| 2015 | 20.63% | 18.85% | 15.74% |
| 2014 | 20.89% | 18.91% | 15.12% |
| 2013 | 20.78% | 18.89% | 15.71% |
| 2012 | 20.65% | 18.89% | 15.01% |
| 2011 | 20.70% | 19.36% | 15.53% |
| 2010 | 20.50% | 19.21% | 15.49% |
| 2009 | 20.12% | 18.41% | 15.98% |
| 2007 | 18.66% | 17.36% | 15.23% |
| 2005 | 18.89% | 17.52% | 14.42% |
Renter Fraction in Peoria Illinois
You can calculate the renter fraction in Peoria 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 Peoria as a fraction of total Peoria households. In 2019 27.26% of households were renters according to Census ACS data.
Peoria 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% |
| Peoria, IL | 27.26% | -3.27% | -1.27% |
Trends in the Peoria, IL Renter Fraction
The Peoria household renter fraction peaked in in 2018 at 30.53% and is now 3.27% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Peoria IL, Illinois, US
History of Peoria Renter Fraction
| Date | US | Illinois | Peoria, IL |
|---|---|---|---|
| 2019 | 35.89% | 33.99% | 27.26% |
| 2018 | 36.05% | 34.01% | 30.53% |
| 2017 | 36.13% | 33.82% | 27.99% |
| 2016 | 36.88% | 34.74% | 28.53% |
| 2015 | 36.97% | 34.72% | 27.63% |
| 2014 | 36.90% | 34.51% | 28.45% |
| 2013 | 36.50% | 34.06% | 30.28% |
| 2012 | 36.09% | 33.40% | 29.64% |
| 2011 | 35.42% | 32.65% | 28.63% |
| 2010 | 34.65% | 32.27% | 26.71% |
| 2009 | 34.13% | 32.00% | 27.65% |
| 2007 | 32.80% | 29.94% | 26.77% |
| 2005 | 33.10% | 30.13% | 24.90% |
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. ↩
