Cheapest Cities to Rent in Illinois

If you’re planning to move to Illinois, relocating within the state, or considering an investment in real estate, you’ll find our list of the most affordable cities to rent in Illinois valuable. This guide will help you navigate the diverse rental market in the Prairie State.

Illinois is well-regarded for its vibrant cities, varied landscapes, and cultural diversity. According to US News, it has a steady economy and ranks notably in higher education nationwide. Given these benefits, it’s easy to see why Illinois is a favored destination for many.

The state’s rental market reflects its size and diversity. Over recent years, Illinois has maintained a steady population, largely due to its mix of urban and rural living, unique cultures, and wide array of job opportunities.

While the demand for affordable rentals is high, not all cities in Illinois can be classified as cheap. However, there are areas where the average rent is notably lower than in the rest of the state. Continue reading to discover which cities offer the best rental deals in Illinois.

Illinois Rental Statistics

Before we dive into the most affordable cities to rent in Illinois, let’s look at a few general rental facts and statistics:

• The average rent in Illinois is $1,065 per month, compared to $2,016 nationwide
• Across the U.S., rental rates have increased by 31% in the past ten years
• Approximately 109 million Americans reside in rental housing
• The state with the highest number of rental units is California
• About 28.9% of households in Illinois rent their homes, with a rental vacancy rate of 7.7%

Although Illinois might not be the cheapest option, it still presents attractive opportunities for renters and real estate investors alike, considering its amenities and quality of life.

From an investment perspective, the steady demand for rental housing, coupled with somewhat above-average rental rates and a moderate rental vacancy rate, positions Illinois as a promising market. Real estate investors can potentially reap significant returns by providing quality housing options to the sizable percentage of Illinoisans who prefer to rent.

Cheapest Cities to Rent in Illinois

This list of the most affordable cities to rent in Illinois does not just focus on rental prices alone. We’re taking a comprehensive approach, examining various factors contributing to the overall cost of living and quality of life in each city. This includes:

• Population: The size of the city’s population can impact the availability and pricing of rental properties.
• Median Home Listing Price: This gives us a sense of the overall real estate market in the city.
• Average Number of Days on the Market: This helps us understand how quickly properties are rented or sold.
• Median Household Income: This figure offers a glimpse into the earning potential in the area.
• Average Rent Price: Most crucial to our analysis, this tells us the typical cost of renting in the city.

Whether you’re a potential renter seeking the most value for your money or an investor scouting for high-return opportunities, our analysis will provide the insights you need to explore these affordable Illinois rental markets.

Here are the top ten cheapest cities to rent in Illinois, let’s dive in!

1. Rantoul

• Population: 12,119
• Median home listing price: $139,900
• Average number of days on the market: 28 days
• Median household income: $44,130
• Average rent price: $453

Located in Champaign County, Rantoul provides residents with a small-town lifestyle amidst the broad Illinois prairie.

With its low average rent and median home price, it’s a haven for people looking to maximize their lifestyle while minimizing their costs. The city is home to the former Chanute Air Force Base, which has been repurposed and now houses a variety of businesses and the Octave Chanute Aerospace Museum, dedicated to all things aviation.

The village also prides itself on its extensive park system, offering residents plentiful opportunities to enjoy the great outdoors.

2. Charleston

• Population: 17,347
• Median home listing price: $174,900
• Average number of days on the market: 29 days
• Median household income: $41,436
• Average rent price: $488

Charleston, home of Eastern Illinois University, is a city that balances college-town energy with small-town serenity. It’s known for its rich historical heritage, illustrated by its well-preserved downtown district and the iconic Lincoln-Douglas Debate Museum.

The city is also home to Fox Ridge State Park, providing outdoor enthusiasts with a variety of recreational activities, such as hiking, fishing, and wildlife viewing.

Charleston’s community events, including fairs, parades, and farmers markets, foster a strong community spirit among its residents.

3. Lincoln

• Population: 13,058
• Median home listing price: $95,000
• Average number of days on the market: 30 days
• Median household income: $48,510
• Average rent price: $575

Lincoln, named after President Abraham Lincoln, is a charming city located in Logan County.

The city is rich in history and culture, being the home of numerous historic sites such as the Postville Courthouse State Historic Site and the Lincoln Heritage Museum. Lincoln also offers its residents a peaceful living environment with its numerous parks, and its extensive trail system encourages outdoor exploration.

The city’s events, like the annual Art and Balloon Festival, bring the community together, making Lincoln not just a place to live, but a place to belong.

4. Belleville

• Population: 41,751
• Median home listing price: $140,000
• Average number of days on the market: 21 days
• Median household income: $56,404
• Average rent price: $610

Belleville is the most populated city in southern Illinois and is known for its vibrant cultural scene. Its downtown hosts a variety of shops, restaurants, and year-round events like Art on the Square, a nationally recognized fine arts show.

The city is also home to the National Shrine of Our Lady of the Snows, attracting visitors from all over the country.

Belleville’s wide range of educational opportunities, including Southwestern Illinois College and Lindenwood University-Belleville, makes it a desirable place for families and students.

5. Champaign

• Population: 89,114
• Median home listing price: $246,500
• Average number of days on the market: 23 days
• Median household income: $52,687
• Average rent price: $649

Champaign, a vibrant micro-urban city, is home to the University of Illinois. This city stands out for its blend of cultural and academic resources with the charm of a Midwest town.

With its rich array of parks, music venues, art galleries, and a lively downtown, Champaign offers big-city amenities while maintaining a small-town atmosphere.

The city is also renowned for its emphasis on technological innovation, earning it the nickname “Silicon Prairie”.

6. Urbana

• Population: 38,681
• Median home listing price: $209,900
• Average number of days on the market: 24 days
• Median household income: $37,701
• Average rent price: $656

Urbana, the twin city of Champaign, is another pillar of the vibrant academic and cultural landscape in this part of Illinois. Known for its diversity, inclusivity, and rich artistic culture, Urbana provides a unique blend of urban living and college-town charm.

Urbana’s picturesque downtown area is brimming with boutiques, various international cuisine options, and historic architecture.

The city’s commitment to sustainability can be seen in its many bike lanes, community gardens, and the beloved Urbana’s Market at the Square.

7. Moline

• Population: 42,418
• Median home listing price: $159,900
• Average number of days on the market: 22 days
• Median household income: $59,697
• Average rent price: $684

Moline is one of the Quad Cities that straddle the Mississippi River on the Illinois-Iowa border. It is home to the headquarters of Deere & Company and offers a wealth of job opportunities.

With its vibrant downtown, beautiful river views, and multiple recreational activities, Moline is an exciting place to live.

The city also hosts the annual “Lighting on the Commons” event, turning downtown Moline into a winter wonderland, and demonstrates a strong community spirit.

8. Rockford

• Population: 147,711
• Median home listing price: $141,000
• Average number of days on the market: 22 days
• Median household income: $47,002
• Average rent price: $724

As the third largest city in Illinois, Rockford offers an urban lifestyle with a small-town feel. Known as the “City of Gardens”, Rockford is home to the beautiful Anderson Japanese Gardens, Nicholas Conservatory and Gardens, and Klehm Arboretum.

The city is also known for its vibrant arts scene, with venues like the Coronado Performing Arts Center and the Rockford Art Museum.

With numerous parks, golf courses, and the Rock River offering various recreational opportunities, Rockford offers a high quality of life at an affordable cost.

9. East Moline

• Population: 21,136
• Median home listing price: $149,000
• Average number of days on the market: 45 days
• Median household income: $55,529
• Average rent price: $743

East Moline, part of the Quad Cities metropolitan area, offers an attractive riverfront and a welcoming community.

It’s home to the popular TPC Deere Run golf course, which hosts the PGA Tour’s John Deere Classic annually. The city is also investing in its downtown area, creating a vibrant place for residents and visitors alike to enjoy dining, shopping, and events.

East Moline prides itself on its commitment to education and offers various quality schools to its residents.

10. Dunlap

• Population: 1,581
• Median home listing price: $399,900
• Average number of days on the market: 29 days
• Median household income: $119,712
• Average rent price: $770

Dunlap, a small village in Peoria County, offers a peaceful, family-oriented environment while still being in proximity to the amenities of larger cities. The community is home to some of the top-rated schools in the state, making it an attractive location for families.

The Rock Island Trail State Park, located nearby, provides recreational opportunities for outdoor enthusiasts.

Dunlap’s high median household income reflects its thriving local economy and the high quality of life it offers its residents.

Final Thoughts

Are you being called to one of the most affordable cities to rent in Illinois? Each of these cities offers thriving communities, solid real estate markets, and strong economies. They each draw new residents with affordable rent, robust employment opportunities, excellent public schools, and local attractions.

Cities like Rantoul, Charleston, and Lincoln provide some of the best that Illinois has to offer without the hefty price tag!

Ready to rent in one of the most affordable cities in Illinois? 

If you’d like to explore these communities further and see if investing in property in one of these cities is right for you, we invite you to reach out to FastExpert.com.

As a company that connects people buying or selling a home with top real estate agents, we can match you with the perfect real estate agent who understands your motivation for investing in Illinois.

We make it easy for you to hire the right real estate agent and provide convenient options to easily compare top agents to simplify your selection. Give us a try and discover why over 400,000 happy clients choose FastExpert!