Elgin, Illinois Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Elgin, Illinois rental market.
Highlights
An apartment for rent in Elgin, Illinois typically goes for $1,575 per month, while a single-family home for rent in Elgin, Illinois has a monthly cost of around $2,770. Renter-occupied units make up 29% of the local housing market, while the rental vacancy rate in Elgin, Illinois is at 3.3.
Elgin, Illinois
Average Apartment Rent
$1,575
Y-o-Y Change in Average
Apartment Rent
2.9%
Average Single-Family Rent
$2,770
As of July 2024
Compared to a year ago, Elgin, Illinois apartments have recorded a 2.9% rent increase.
Elgin, Illinois Average apartment rent trend
Elgin, Illinois Average Apartment Rent
Elgin, Illinois Apartment rent ranges
At 44.65%, apartments priced $1,000 - $1,500 represent the bulk of Elgin, Illinois rentals, while condos priced $700 - $1000 hold the lowest share of the market – 2.83%.
Elgin, Illinois Housing tenure**
Renters take up 29% of Elgin, Illinois real estate, occupying a total of 11,105 units, while homeowners live in 27,425 properties.
Median number of rooms of renter-occupied housing units**
4.4
Renter median household income**
$50,757
Average household size of renter-occupied housing units**
2.9
Rental vacancy rate**
3.3%
Elgin, Illinois Renter-occupied housing units by no. of bedrooms**
There are 4,223 rentals in Elgin, Illinois with 2 beds making up the highest share of the market, at 38%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 111 units. Overall, the median number of rooms in Elgin, Illinois homes for rent is 4.4.
Elgin, Illinois Renter-occupied units by age of householder**
Most condos for rent in Elgin, Illinois are occupied by residents in the 35 - 44 years age group (24%), followed by those in the 25 - 34 years age group (23%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Elgin, Illinois Renter-occupied housing units by family type**
Elgin, Illinois Renter-occupied housing units by the presence of own children**
A total of 7,060 apartments for rent in Elgin, Illinois, or 64% of all rentals are family households. Additionally, 40% of rental homes include children under the age of 18 – that’s 4,495 units. All in all, the median size of a renter-occupied household in Elgin, Illinois is 2.9.
Elgin, Illinois Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 17% of the rental market. In contrast, residents with less than a high school degree reside in 24% of the homes for rent in Elgin, Illinois.
Elgin, Illinois Renter-occupied units by year structure built**
The highest share of Elgin, Illinois apartment rentals, namely 22% or 2,429 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (18%, 2,051 units), and the ones Built 1960 - 1969 (15%, 1,688 units).
Elgin, Illinois Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Elgin, Illinois renters (48%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Elgin, Illinois condos for rent is 2016.
Elgin, Illinois Renter-occupied housing units by vehicles available**
When it comes to transportation options, 40% of Elgin, Illinois renters have 1 vehicle available per household, 29% of them have 2 vehicles available, and 16% have No vehicle available.
Elgin, Illinois Means of transportation to work of householders living in renter-occupied housing units**
Elgin, Illinois Geographical mobility in the past year for householders living in renter-occupied housing units**
Elgin, Illinois Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Elgin, Illinois apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
