10 1 Bedroom Apartments for rent in Peoria, IL
May 2020 Peoria Rent Report
Welcome to the May 2020 Peoria Rent Report. Peoria rents increased over the past month. In this report, we'll evaluate trends in the Peoria rental market, including comparisons to cities throughout the state and nation.
May 2020 Peoria Rent Report
Welcome to the May 2020 Peoria Rent Report. Peoria rents increased over the past month. In this report, we'll evaluate trends in the Peoria rental market, including comparisons to cities throughout the state and nation.
Peoria rents increased moderately over the past month
Peoria rents have increased 0.3% over the past month, and are up marginally by 0.5% in comparison to the same time last year. Currently, median rents in Peoria stand at $641 for a one-bedroom apartment and $822 for a two-bedroom. This is the fourth straight month that the city has seen rent increases after a decline in December of last year. Peoria's year-over-year rent growth lags the state average of 1.0%, as well as the national average of 1.4%.
Rents rising across cities in Illinois
Throughout the past year, rent increases have been occurring not just in the city of Peoria, but across the entire state. Of the largest 10 cities that we have data for in Illinois, 9 of them have seen prices rise. The state as a whole logged rent growth of 1.0% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Naperville is the most expensive of all Illinois' major cities, with a median two-bedroom rent of $1,776; of the 10 largest cities in the state that we have data for, Champaign, where a two-bedroom goes for $897, is the only major city to see rents fall year-over-year (-3.7%).
- Joliet, Naperville, and Elgin have all experienced year-over-year growth above the state average (2.3%, 1.8%, and 1.7%, respectively).
Peoria rents more affordable than many large cities nationwide
As rents have increased marginally in Peoria, large cities nationwide have seen rents grow more quickly. Peoria is still more affordable than most large cities across the country.
- Peoria's median two-bedroom rent of $822 is below the national average of $1,196. Nationwide, rents have grown by 1.4% over the past year compared to the 0.5% rise in Peoria.
- While Peoria's rents rose marginally over the past year, some cities nationwide saw decreases, including San Francisco (-0.3%) and Atlanta (-0.2%).
- Renters will find more reasonable prices in Peoria than most large cities. For example, San Francisco has a median 2BR rent of $3,094, which is more than three-and-a-half times the price in Peoria.
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.
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.