Mount Prospect, IL Rental Market Trends

Mount Prospect Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Mount Prospect, IL. Currently, the overall median rent in the city stands at $1,746, after rising 1.4% last month. Prices remain down 1.0% year-over-year. Read on to learn more about what’s been happening in the Mount Prospect rental market and how it compares to trends throughout the broader Chicago metro area and the nation as a whole.

Mount Prospect rents are up 1.4% month-over-month and down 1.0% year-over-year

The median rent in Mount Prospect rose by 1.4% over the course of April, and has now decreased by a total of 1.0% over the past 12 months. Mount Prospect’s rent growth over the past year has has fallen behind the state average (2.5%) and is similar to the national average (-0.8%).

Mount Prospect rent growth in 2024 pacing below last year

Four months into the year, rents in Mount Prospect have risen 1.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 6.4%.

Mount Prospect rents are 9.8% higher than the metro-wide median

If we expand our view to the wider Chicago metro area, the median rent is $1,591 meaning that the median price in Mount Prospect ($1,746) is 9.8% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.5%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 12 cities in the Chicago metro area that are included in our database. Among them, Wheaton is currently the most expensive, with a median rent of $2,073. Waukegan is the metro’s most affordable city, with a median rent of $1,265. The metro's fastest annual rent growth is occurring in Wheaton (8.6%) while the slowest is in Romeoville (-3.1%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Arlington Heights
$1,517
$1,933
1.8%
2.0%
Aurora
$1,382
$1,821
-0.2%
4.1%
Chicago
$1,560
$1,699
1.6%
1.9%
Lombard
$1,862
$2,123
-0.7%
1.6%
Mount Prospect
$1,586
$1,823
1.4%
-1.0%
Naperville
$1,691
$2,021
1.2%
5.1%
Romeoville
$1,723
$1,733
0.4%
-3.1%
Schaumburg
$1,644
$2,020
0.0%
2.0%
Vernon Hills
$1,760
$1,764
2.7%
-0.8%
Waukegan
$1,029
$1,331
0.3%
1.4%
Westmont
$1,388
$1,734
1.6%
2.0%
Wheaton
$1,954
$2,057
1.2%
8.6%
See More

You can also use the map below to explore the latest rent trends in the Chicago metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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