Rents are 5% above what Peoria's 10-year trend predicts — running hotter than its own history.
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 $1,239 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: August 17, 2026
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Who lives here
Peoria, IL is majority owner-occupied, has a median income below the national average, 37.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Peoria, IL has changed in 5 years
Rent in Peoria, IL has climbed 65.9% since 2021, going from about $747 per month to roughly $1,239 today. Census figures show median household income at $59,410 today, compared with $53,568 five years earlier. Rent outpaced income growth by roughly 55.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 113,672 to 112,169 between 2021 and 2024, a 1.3% change. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Can you afford rent in Peoria on your salary?
At $1,239/mo, how Peoria rent compares to typical pay (30% rule).
Peoria rent by bedroom count
Median rent for each apartment size in Peoria. Click any size for full breakdown.
Tips for renters in Peoria
Last updated: August 17, 2026
The median rent in Peoria is $1,239/mo as of August 2026. A studio apartment averages $738/mo while a 2-bedroom runs $1,033/mo. One-bedroom apartments average $813/mo and 3-bedroom units go for $1,340/mo.
At 25% of local median household income ($59,410/yr), Peoria ranks as affordable compared to the national benchmark of 30%. Rents have increased 10.3% over the past year.
Frequently asked questions
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What percentage of Peoria residents rent vs. own?
How does Peoria rent compare to the national average?
At $1,239/mo, rent takes ~25% of Peoria's median household income ($59,410/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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