1 Apartments under 700 for rent in Elgin, IL

Last updated January 12 at 2:06am UTC
2183 Vernon Dr
North Country Knolls
Elgin, IL
Updated January 12 at 2:06am UTC
Studio
$695
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January 2018 Elgin Rent Report

Welcome to the January 2018 Elgin Rent Report. Elgin rents remained steady over the past month. In this report, we'll evaluate trends in the Elgin rental market, including comparisons to cities throughout the metro, state, and nation.

View full Elgin Rent Report
Rent Report
Elgin

January 2018 Elgin Rent Report

Welcome to the January 2018 Elgin Rent Report. Elgin rents remained steady over the past month. In this report, we'll evaluate trends in the Elgin rental market, including comparisons to cities throughout the metro, state, and nation.

Elgin rent trends were flat over the past month

Elgin rents have remained flat over the past month, however, they have increased moderately by 2.8% year-over-year. Currently, median rents in Elgin stand at $1,000 for a one-bedroom apartment and $1,180 for a two-bedroom. Elgin's year-over-year rent growth leads the state average of 1.3%, but is in line with the national average of 2.8%.

Rents rising across the Chicago Metro

Throughout the past year, rent increases have been occurring not just in the city of Elgin, but across the entire metro. Of the largest 10 cities that we have data for in the Chicago metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Naperville has the most expensive rents in the Chicago metro, with a two-bedroom median of $1,730; the city has also seen rent growth of 3.5% over the past year, the fastest in the metro.
  • Over the past month, Palatine has seen the biggest rent drop in the metro, with a decline of 0.7%. Median two-bedrooms there cost $1,320, while one-bedrooms go for $1,120.
  • Elgin has the least expensive rents in the Chicago metro, with a two-bedroom median of $1,180; rents were up 2.8% over the past year but remained flat month-over-month.

Elgin rents more affordable than many large cities nationwide

As rents have increased moderately in Elgin, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Elgin is still more affordable than most large cities across the country.

  • Elgin's median two-bedroom rent of $1,180 is slightly above the national average of $1,160. Nationwide, rents have grown by 2.8% over the past year, which matches the increase in Elgin.
  • While Elgin's rents rose moderately over the past year, the city of DC saw a decrease of 0.3%.
  • Renters will find more reasonable prices in Elgin than most large cities. For example, San Francisco has a median 2BR rent of $3,010, which is more than two-and-a-half times the price in Elgin.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Chicago $1,060 $1,250 -0.2% 0.8%
Aurora $1,110 $1,300 -0.1% 2.9%
Joliet $1,030 $1,210 0.3% 2.8%
Naperville $1,470 $1,730 -0.0% 3.5%
Elgin $1,000 $1,180 0.3% 2.8%
Arlington Heights $1,230 $1,440 0.1% 0.5%
Evanston $1,270 $1,500 -0.7% 0.0%
Schaumburg $1,350 $1,590 0.0% 2.0%
Palatine $1,120 $1,320 -0.7% 2.6%
Des Plaines $1,030 $1,220 0.7% 3.1%
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Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.