Department of Numbers

Lake County Illinois Residential Rent and Rental Statistics

The median monthly gross residential rent in Lake County IL was $1,173 in 2017 according to the Census ACS survey.1 Average gross rent in Lake County was $1,226 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Lake County median and average rent data will be released in September of 2019.

Data is also available below for Lake County rental vacancy rates, Lake County rent as a percent of median income and the fraction of renters in Lake County.

Show dollars as: Nominal Real

Real Gross Rent in Lake County Illinois (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Illinois Median Gross Rent $974 +0.93% +5.07%
Lake County IL Median Gross Rent $1,173 +4.64% +5.49%

Lake County IL Real Gross Rent Trends

At $1,173, real median gross rent in Lake County was at its highest level in 2017 since the series began in 2005. At $1,226, real average gross rent in Lake County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Lake County IL Median, Lake County IL Average, Illinois Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lake County

Date US
Median
Illinois
Median
Lake County IL
Median
Lake County IL
Average
2017 $1,012 $974 $1,173 $1,226
2016 $996 $965 $1,121 $1,149
2015 $987 $963 $1,126 $1,189
2014 $956 $927 $1,112 $1,162
2013 $924 $904 $1,015 $1,073
2012 $912 $896 $1,036 $1,091
2011 $912 $900 $1,060 $1,125
2010 $927 $919 $1,037 $1,104
2009 $931 $915 $1,103 $1,171
2008 $947 $932 $1,091 $1,146
2007 $899 $892 $1,051 $1,101
2006 $909 $906 $1,063 $1,118

Lake County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Lake County Illinois was 4.42% according to Census ACS data.

Rental Vacancy Rate in Lake County Illinois

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Illinois 7.02% +1.01% +0.49%
Lake County IL 4.42% -3.34% -2.93%

Trends in Lake County IL Rental Vacancy Rate

The rental vacancy rate in Lake County peaked in 2009 at 10.30%. Since then it has fallen by 5.88% to 4.42%. Data records for this series originated in 2005.

Rental Vacancy Rate: Lake County IL, Illinois, US

Rental vacancy rate in Illinois

Historical Rental Vacancy Rate data for Lake County

Date US Illinois Lake County IL
2017 6.18% 7.02% 4.42%
2016 5.89% 6.01% 7.76%
2015 5.85% 6.21% 5.52%
2014 6.32% 6.53% 7.35%
2013 6.49% 6.16% 4.43%
2012 6.77% 6.39% 7.04%
2011 7.40% 7.35% 5.59%
2010 8.17% 7.66% 7.93%
2009 8.43% 7.84% 10.30%
2008 7.86% 6.87% 5.96%
2007 7.87% 7.69% 7.28%
2006 7.70% 8.69% 10.01%

Rent as a Fraction of Income

Using median household income data for Lake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lake County, median monthly gross rent as a fraction of median household income was 16.39% in 2017 according to the ACS.

Lake County Illinois Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Illinois 18.55% -0.15% -0.35%
Lake County IL 16.39% +0.46% -0.37%

Trends in Lake County IL Rent as a Fraction of Income

The fraction of median Lake County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 16.76%. Since then it has fallen by 0.37% to 16.39%.

Fraction of Income towards Rent: Lake County IL, Illinois, US

Percent of median household income going towards median monthly gross rent in Lake County Illinois

Historical Data for Annual Rent as a Fraction of Income in Lake County Illinois

Date US Illinois Lake County IL
2017 20.13% 18.55% 16.39%
2016 20.43% 18.70% 15.93%
2015 20.63% 18.85% 15.99%
2014 20.89% 18.91% 16.76%
2013 20.78% 18.89% 15.93%
2012 20.65% 18.89% 16.21%
2011 20.70% 19.36% 16.35%
2010 20.50% 19.21% 15.37%
2009 20.12% 18.41% 15.68%
2008 19.00% 17.31% 14.50%
2007 18.66% 17.36% 14.21%
2006 18.90% 17.56% 14.26%

Renter Fraction in Lake County Illinois

You can calculate the renter fraction in Lake County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Lake County as a fraction of total Lake County households. In 2017 26.76% of households were renters according to Census ACS data.

Lake County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Illinois 33.82% -0.92% -0.69%
Lake County IL 26.76% -0.21% +0.92%

Trends in the Lake County IL Renter Fraction

The Lake County household renter fraction peaked in in 2015 at 28.01% and is now 1.25% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Lake County IL, Illinois, US

Fraction of renters in Lake County

History of Lake County Renter Fraction

Date US Illinois Lake County IL
2017 36.13% 33.82% 26.76%
2016 36.88% 34.74% 26.97%
2015 36.97% 34.72% 28.01%
2014 36.90% 34.51% 25.84%
2013 36.50% 34.06% 26.76%
2012 36.09% 33.40% 25.38%
2011 35.42% 32.65% 23.26%
2010 34.65% 32.27% 23.79%
2009 34.13% 32.00% 21.97%
2008 33.36% 30.73% 21.63%
2007 32.80% 29.94% 21.34%
2006 32.73% 30.12% 19.70%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.