Will County Illinois Residential Rent and Rental Statistics
The median monthly gross residential rent in Will County IL was $1,125 in 2019 according to the Census ACS survey.1 Average gross rent in Will County was $1,184 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 Will County median and average rent data will be released in September of 2021.
Data is also available below for Will County rental vacancy rates, Will County rent as a percent of median income and the fraction of renters in Will County.
Real Gross Rent in Will 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% |
| Will County IL Median Gross Rent | $1,125 | -4.74% | -3.10% |
Will County IL Real Gross Rent Trends
Median gross rent for Will County peaked in real terms in 2017 at $1,196 and is now $71 (5.94%) lower. Average gross rent for Will County peaked in real terms in 2015 at $1,209 and is now $25 (2.07%) lower.
Real Gross Rent: Will County IL Median, Will County IL Average, Illinois Median, US Median
Real Gross Rent History for Will County
| Date | US Median |
Illinois Median |
Will County IL Median |
Will County IL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,020 | $1,125 | $1,184 |
| 2018 | $1,077 | $1,013 | $1,181 | $1,182 |
| 2017 | $1,043 | $1,004 | $1,196 | $1,202 |
| 2016 | $1,027 | $995 | $1,161 | $1,208 |
| 2015 | $1,017 | $993 | $1,184 | $1,209 |
| 2014 | $986 | $955 | $1,113 | $1,123 |
| 2013 | $953 | $932 | $1,020 | $1,088 |
| 2012 | $940 | $923 | $1,045 | $1,091 |
| 2011 | $941 | $928 | $1,037 | $1,100 |
| 2010 | $955 | $948 | $1,069 | $1,153 |
| 2009 | $960 | $944 | $989 | $1,063 |
| 2007 | $927 | $920 | $990 | $1,062 |
| 2005 | $910 | $918 | $999 | $1,059 |
Will 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 Will County Illinois was 5.33% according to Census ACS data.
Rental Vacancy Rate in Will County Illinois
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Illinois | 5.65% | -0.67% | -0.36% |
| Will County IL | 5.33% | -1.45% | 0.00% |
Trends in Will County IL Rental Vacancy Rate
The rental vacancy rate in Will County peaked in 2017 at 11.45%. Since then it has fallen by 6.12% to 5.33%. Data records for this series originated in 2005.
Rental Vacancy Rate: Will County IL, Illinois, US
Historical Rental Vacancy Rate data for Will County
| Date | US | Illinois | Will County IL |
|---|---|---|---|
| 2019 | 5.97% | 5.65% | 5.33% |
| 2018 | 6.15% | 6.32% | 6.78% |
| 2017 | 6.18% | 7.02% | 11.45% |
| 2016 | 5.89% | 6.01% | 5.33% |
| 2015 | 5.85% | 6.21% | 5.39% |
| 2014 | 6.32% | 6.53% | 4.39% |
| 2013 | 6.49% | 6.16% | 5.29% |
| 2012 | 6.77% | 6.39% | 5.60% |
| 2011 | 7.40% | 7.35% | 7.08% |
| 2010 | 8.17% | 7.66% | 5.77% |
| 2009 | 8.43% | 7.84% | 10.99% |
| 2007 | 7.87% | 7.69% | 5.93% |
| 2005 | 7.74% | 9.45% | 9.52% |
Rent as a Fraction of Income
Using median household income data for Will County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Will County, median monthly gross rent as a fraction of median household income was 14.98% in 2019 according to the ACS.
Will 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% |
| Will County IL | 14.98% | -1.24% | -1.36% |
Trends in Will County IL Rent as a Fraction of Income
The fraction of median Will County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 17.62%. Since then it has fallen by 2.65% to 14.98%.
Fraction of Income towards Rent: Will County IL, Illinois, US
Historical Data for Annual Rent as a Fraction of Income in Will County Illinois
| Date | US | Illinois | Will County IL |
|---|---|---|---|
| 2019 | 20.03% | 17.69% | 14.98% |
| 2018 | 20.50% | 18.36% | 16.22% |
| 2017 | 20.13% | 18.55% | 16.94% |
| 2016 | 20.43% | 18.70% | 16.34% |
| 2015 | 20.63% | 18.85% | 17.62% |
| 2014 | 20.89% | 18.91% | 16.90% |
| 2013 | 20.78% | 18.89% | 15.63% |
| 2012 | 20.65% | 18.89% | 16.33% |
| 2011 | 20.70% | 19.36% | 16.03% |
| 2010 | 20.50% | 19.21% | 16.17% |
| 2009 | 20.12% | 18.41% | 14.43% |
| 2007 | 18.66% | 17.36% | 14.17% |
| 2005 | 18.89% | 17.52% | 14.01% |
Renter Fraction in Will County Illinois
You can calculate the renter fraction in Will 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 Will County as a fraction of total Will County households. In 2019 18.56% of households were renters according to Census ACS data.
Will 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% |
| Will County IL | 18.56% | -1.29% | -0.79% |
Trends in the Will County IL Renter Fraction
The Will County household renter fraction peaked in in 2015 at 20.42% and is now 1.86% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Will County IL, Illinois, US
History of Will County Renter Fraction
| Date | US | Illinois | Will County IL |
|---|---|---|---|
| 2019 | 35.89% | 33.99% | 18.56% |
| 2018 | 36.05% | 34.01% | 19.85% |
| 2017 | 36.13% | 33.82% | 18.45% |
| 2016 | 36.88% | 34.74% | 19.35% |
| 2015 | 36.97% | 34.72% | 20.42% |
| 2014 | 36.90% | 34.51% | 19.59% |
| 2013 | 36.50% | 34.06% | 18.87% |
| 2012 | 36.09% | 33.40% | 18.62% |
| 2011 | 35.42% | 32.65% | 17.70% |
| 2010 | 34.65% | 32.27% | 18.22% |
| 2009 | 34.13% | 32.00% | 15.16% |
| 2007 | 32.80% | 29.94% | 14.77% |
| 2005 | 33.10% | 30.13% | 14.80% |
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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