Mount Prospect, 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 Mount Prospect, Illinois rental market.
Mount Prospect, Illinois
Average Apartment Rent
$1,833
Y-o-Y Change in Average
Apartment Rent
1.2%
As of May 2026
Compared to a year ago, Mount Prospect, Illinois apartments have recorded a 1.2% rent increase.
Mount Prospect, Illinois Average apartment rent trend
Mount Prospect, Illinois Average Apartment Rent
Mount Prospect, Illinois Apartment rent ranges
At 69.63%, apartments priced $1,500 - $2,000 represent the bulk of Mount Prospect, Illinois rentals, while condos priced $2,500 - $3,000 hold the lowest share of the market – 2.53%.
Mount Prospect, Illinois Housing tenure**
Renters take up 30% of Mount Prospect, Illinois real estate, occupying a total of 6,605 units, while homeowners live in 15,312 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$57,040
Average household size of renter-occupied housing units**
2.42
Rental vacancy rate**
3.7%
Mount Prospect, Illinois Renter-occupied housing units by no. of bedrooms**
There are 2,699 rentals in Mount Prospect, Illinois with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 58 units. Overall, the median number of rooms in Mount Prospect, Illinois homes for rent is 3.7.
Mount Prospect, Illinois Renter-occupied units by age of householder**
Most condos for rent in Mount Prospect, Illinois are occupied by residents in the 25 - 34 years age group (36%), followed by those in the 35 - 44 years age group (16%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 4%.
Mount Prospect, Illinois Renter-occupied housing units by family type**
Mount Prospect, Illinois Renter-occupied housing units by the presence of own children**
A total of 3,329 apartments for rent in Mount Prospect, Illinois, or 50% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 2,021 units. All in all, the median size of a renter-occupied household in Mount Prospect, Illinois is 2.42.
Mount Prospect, Illinois Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 33% of the rental market. In contrast, residents with less than a high school degree reside in 14% of the homes for rent in Mount Prospect, Illinois.
Mount Prospect, Illinois Renter-occupied units by year structure built**
The highest share of Mount Prospect, Illinois apartment rentals, namely 37% or 2,449 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (16%, 1,054 units), and the ones Built 1980 - 1989 (15%, 986 units).
Mount Prospect, Illinois Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Mount Prospect, Illinois renters (41%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Mount Prospect, Illinois condos for rent is 2018.
Mount Prospect, Illinois Renter-occupied housing units by vehicles available**
When it comes to transportation options, 46% of Mount Prospect, Illinois renters have 1 vehicle available per household, 39% of them have 2 vehicles available, and 12% have No vehicle available.
Mount Prospect, Illinois Means of transportation to work of householders living in renter-occupied housing units**
Mount Prospect, Illinois Geographical mobility in the past year for householders living in renter-occupied housing units**
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 Mount Prospect, 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
