Waukegan, 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 Waukegan, Illinois rental market.
Waukegan, Illinois
Average Apartment Rent
$1,283
Y-o-Y Change in Average
Apartment Rent
6.4%
As of July 2024
Compared to a year ago, Waukegan, Illinois apartments have recorded a 6.4% rent increase.
Waukegan, Illinois Average apartment rent trend
Waukegan, Illinois Average Apartment Rent
Waukegan, Illinois Apartment rent ranges
At 66.65%, apartments priced $1,000 - $1,500 represent the bulk of Waukegan, Illinois rentals, while condos priced Over $2,000 hold the lowest share of the market – 2.49%.
Waukegan, Illinois Housing tenure**
Renters take up 51% of Waukegan, Illinois real estate, occupying a total of 15,946 units, while homeowners live in 15,249 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$46,649
Average household size of renter-occupied housing units**
2.61
Rental vacancy rate**
3.4%
Waukegan, Illinois Renter-occupied housing units by no. of bedrooms**
There are 6,530 rentals in Waukegan, 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 172 units. Overall, the median number of rooms in Waukegan, Illinois homes for rent is 4.1.
Waukegan, Illinois Renter-occupied units by age of householder**
Most condos for rent in Waukegan, Illinois are occupied by residents in the 35 - 44 years age group (25%), followed by those in the 25 - 34 years age group (24%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 2%.
Waukegan, Illinois Renter-occupied housing units by family type**
Waukegan, Illinois Renter-occupied housing units by the presence of own children**
A total of 9,250 apartments for rent in Waukegan, Illinois, or 58% of all rentals are family households. Additionally, 36% of rental homes include children under the age of 18 – that’s 5,708 units. All in all, the median size of a renter-occupied household in Waukegan, Illinois is 2.61.
Waukegan, Illinois Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 21% of the rental market. In contrast, residents with less than a high school degree reside in 20% of the homes for rent in Waukegan, Illinois.
Waukegan, Illinois Renter-occupied units by year structure built**
The highest share of Waukegan, Illinois apartment rentals, namely 21% or 3,424 units, were Built 1970 - 1979, followed by those Built 1990 - 1999 (16%, 2,485 units), and the ones Built 1939 or earlier (15%, 2,354 units).
Waukegan, Illinois Renter-occupied units by year householder moved in**
Median year renter moved into unit 2016
Most Waukegan, Illinois renters (43%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Waukegan, Illinois condos for rent is 2016.
Waukegan, Illinois Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of Waukegan, Illinois renters have 1 vehicle available per household, 26% of them have 2 vehicles available, and 16% have No vehicle available.
Waukegan, Illinois Means of transportation to work of householders living in renter-occupied housing units**
Waukegan, Illinois Geographical mobility in the past year for householders living in renter-occupied housing units**
Waukegan, 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 Waukegan, 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
