How much does it cost to rent in Mount Prospect, IL?

As of July 2026, the median monthly rent in Mount Prospect, IL is $1,718. This figure is based on aggregated data from public sources and community-submitted rents.

Is Mount Prospect cheaper than other Illinois cities?

Mount Prospect falls in the middle range for Illinois, ranking #82 out of 142 cities at $1,718/mo.

When was Mount Prospect rent data last updated?

Mount Prospect rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · IL

Mount Prospect

Name: Average Rent Prices in Mount Prospect, IL
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 55,472·82nd most expensive in Illinois·Rental market data updated monthly for Mount Prospect, IL

Median rent (all units)

$1,718/mo

Year-over-Year

-3.3%

Month-over-Month

-1.1%

vs US Median

-$247

Falling (Monthly)

Be the first to discuss Mount Prospect rents ↓

Most AffordableMost Expensive

Mount Prospect · $1,718

More affordable than 60% of US cities · National median $1,965/mo

Rent Reality Score

71/100

Good value

OverheatedFairGreat value

Rents are 11% below what Mount Prospect's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,718/mo

Expected by trend

$1,920/mo

The Rent Reality Score compares today's median rent to where Mount Prospect's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,550

1 BR

$1,660

2 BR

$1,870

3 BR

$2,400

4 BR+

$2,820

Research median

$1,870/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

Loading…

Last updated: July 20, 2026

Annual cost

$20,616/yr

At $1,718/mo median

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 3.3% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-3.3% YoY, -1.1% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

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.

Population

55,472

Median income

$101,720

Median age

41.1

Renters

31.3%

Age distribution

22.9%

19.2%

26.2%

12.9%

18.7%

Under 1822.9%

18–3419.2%

35–5426.2%

55–6412.9%

65+18.7%

Gender

49.1%

50.9%

Male49.1%

Female50.9%

Race & ethnicity

63.8%

18.1%

15.5%

White63.8%

Black2.5%

Hispanic18.1%

Asian15.5%

Education (25+)

21%

22%

48.6%

No HS diploma8.5%

HS diploma21%

Some college22%

Bachelor's+48.6%

Housing tenure

68.7%

31.3%

Owner68.7%

Renter31.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Mount Prospect, IL has changed in 5 years

Rent

$1,307 → $1,718

up 31.4%

Income

$92,477 → $101,720

up 10.0%

Population

56,510 → 55,472

down 1.8%

Renter share

30.2% → 31.3%

+1.1 pts

Bachelor's+

47.1% → 48.6%

+1.5 pts

Median age

40.5 → 41.1

+0.6 yrs

Since 2021, the typical rent in Mount Prospect, IL has increased from $1,307 to $1,718, a 31.4% 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.

Community

Discussions about Mount Prospect

No discussions yet. Start the conversation.

View Mount Prospect rent history (2015–2026) →

Salary vs rent

Can you afford rent in Mount Prospect on your salary?

At $1,718/mo, how Mount Prospect rent compares to typical pay (30% rule).

Registered Nurse

Avg $96,370/yr · Rent = 21.4% income

affordable

Elementary School Teacher

Avg $68,422/yr · Rent = 30.1% income

stretched

Police Officer

Avg $78,815/yr · Rent = 26.2% income

affordable

Software Developer

Avg $140,872/yr · Rent = 14.6% income

very comfortable

Lawyer

Avg $179,999/yr · Rent = 11.5% income

very comfortable

Firefighter

Avg $64,066/yr · Rent = 32.2% income

stretched

Truck Driver

Avg $57,844/yr · Rent = 35.6% income

stretched

Electrician

Avg $71,298/yr · Rent = 28.9% income

affordable

By apartment size

Mount Prospect rent by bedroom count

Median rent for each apartment size in Mount Prospect. Click any size for full breakdown.

Local insights

Tips for renters in Mount Prospect

About renting in Mount Prospect, IL

Last updated: July 20, 2026

The median rent in Mount Prospect is $1,718/mo as of July 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 20% of local median household income ($101,720/yr), Mount Prospect ranks as affordable compared to the national benchmark of 30%. Rents have decreased 3.3% over the past year.

FAQ

Frequently asked questions

Is Mount Prospect an affordable city for renters?

Mount Prospect is considered very affordable for renters. At $1,718/mo, rent takes approximately 20% of the local median household income ($101,720/yr). The standard benchmark is 30%. Mount Prospect falls comfortably within that range.

How much income do you need to rent in Mount Prospect?

To keep rent at or below 30% of gross income, you would need to earn at least $69,000/year (~$33/hour full-time) to afford the median rent of $1,718/mo in Mount Prospect. The local median household income is $101,720/yr, meaning the typical Mount Prospect household meets that threshold.

Is rent going up or down in Mount Prospect?

Rent in Mount Prospect has decreased 3.3% over the past year as of July 2026, offering some relief compared to 12 months ago.

How does Mount Prospect rent compare to other cities in Illinois?

Mount Prospect is middle-of-the-pack for Illinois for rent, ranking #82 out of 142 tracked cities at $1,718/mo.

What percentage of Mount Prospect residents rent vs. own?

According to Census data, approximately 31.3% of Mount Prospect households are renters, while 68.7% are owner-occupied. Mount Prospect leans toward homeownership, which can mean a smaller rental inventory.

How does Mount Prospect rent compare to the national average?

Mount Prospect's median rent of $1,718/mo is $247 (13%) below the US national median of $1,965/mo. Within Illinois, it ranks #82 out of 142 tracked cities.

Income Affordability

20%

VERY AFFORDABLE

At $1,718/mo, rent takes ~20% of Mount Prospect's median household income ($101,720/yr). The standard benchmark is 30%.

Mount Prospect 20%Benchmark 30%

State income tax4.95%

Run the Mount Prospect affordability calculator →

Nearby cities