Rents are 9% below what Mount Prospect's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,835 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Mount Prospect usually run 1.1% below trend in January and 1.1% above it in July, about $40 a month apart at today's median. Based on 5 years of data.
Rent in Mount Prospect is at its highest level since Zillow's records here began in January 2021.
Rent in Mount Prospect changed +1.5% over the year to September 2026. Across the 94 Illinois cities Zillow tracks, the typical change was +4.0%.
Rent has risen 3 months in a row, and rose in 6 of the last 12 months.
30% of the median household income ($101,720) is $2,543 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,400); a 4-bedroom is $2,820.
Maywood, 14 miles away, rents for 23% less ($1,419/mo), about $5,000 a year in savings.
From Zillow's monthly rent index (ZORI) for Mount Prospect. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Mount Prospect, IL is majority owner-occupied, has a median income above the national average, 48.6% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Mount Prospect, IL has changed in 5 years
Since 2021, the typical rent in Mount Prospect, IL has increased from $1,336 to $1,835, a 37.4% change over five years. Household income in the area moved from $92,477 to $101,720 across the same window, up 10.0% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 1.8% since 2021, moving from about 56,510 residents to roughly 55,472. Reading these numbers side by side helps frame whether current listings in Mount Prospect, IL look reasonable against where the market sat half a decade ago.
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Can you afford rent in Mount Prospect on your salary?
At $1,835/mo, how Mount Prospect rent compares to typical pay (30% rule).
Mount Prospect rent by bedroom count
Median rent for each apartment size in Mount Prospect. Click any size for full breakdown.
Tips for renters in Mount Prospect
Last updated: October 17, 2026
The median rent in Mount Prospect is $1,835/mo as of October 2026. A studio apartment averages $1,550/mo while a 2-bedroom runs $1,870/mo. One-bedroom apartments average $1,660/mo and 3-bedroom units go for $2,400/mo.
At 22% of local median household income ($101,720/yr), Mount Prospect ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.6% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Mount Prospect?
At $1,835/mo, rent takes ~22% of Mount Prospect's median household income ($101,720/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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