Rental Market Reports > Single-Family Home Reports > Illinois

This rental market report examines the average rent in Illinois for five of the most analyzed cities on Rentometer in Q3 2023.

Summary - Year-Over-Year Rent Change

This rental market report highlights the Q3 2023 average rent prices for three-bedroom (3-BR) single-family rentals (SFRs) in these five cities: Aurora, Chicago, Naperville, Rockford, and Springfield.

According to our data, Naperville had the largest year-over-year rent increase of 15%, while Springfield had a year-over-year rent decrease of 6%.

Methodology

• Geography: This report considers rent changes in Rentometer’s five most analyzed SFR markets in Illinois during Q3 2023.

• Property Type: 3-BR SFRs with all bathroom counts.

• Analysis: Rent data was analyzed year-over-year for each city.

• Data: New rents collected at the beginning and end of each quarter are reported, excluding outliers below $500 and above $10,000.

Year-Over-Year Change in Average Rent: 3-BR SFRs

Rent prices in these five Illinois cities experienced the following year-over-year rent increases in Q3 2023:

• The average Naperville rent price is $3,024 with a year-over-year rent price increase of 15%
• The average Rockford rent price is $1,460 with a year-over-year rent price increase of 9%
• The average Chicago rent price is $2,674 with a year-over-year rent price increase of 3%
• The average Aurora rent price is $2,212 with a year-over-year rent price increase of 1%
• The average Springfield rent price is $1,417 with a year-over-year rent price decrease of 6%

City/State	Q3 2022 Average Rent	Q3 2023 Average Rent	YoY % Change
Naperville, IL	$2,641	$3,024	15%
Rockford, IL	$1,342	$1,460	9%
Chicago, IL	$2,606	$2,674	3%
Aurora, IL	$2,185	$2,212	1%
Springfield, IL	$1,503	$1,417	-6%

 

 

 

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