Department of Numbers

Peoria Illinois Residential Rent and Rental Statistics

The median monthly gross residential rent in Peoria, IL (the Peoria metro area) was $743 in 2016 according to the Census ACS survey.1 Average gross rent in Peoria was $710 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Peoria median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Peoria Illinois (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Illinois Median Gross Rent $950 +0.21% +6.74%
Peoria, IL Median Gross Rent $743 -0.80% +7.22%

Peoria, IL Real Gross Rent Trends

Median gross rent for Peoria peaked in real terms in 2015 at $749 and is now $6 (0.80%) lower. Average gross rent for Peoria peaked in real terms in 2015 at $778 and is now $68 (8.74%) lower.

Real Gross Rent in Peoria: Peoria IL Median, Peoria IL Average, Illinois Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Peoria

Date US
Median
Illinois
Median
Peoria, IL
Median
Peoria, IL
Average
2016 $981 $950 $743 $710
2015 $972 $948 $749 $778
2014 $942 $912 $714 $751
2013 $910 $890 $693 $700
2012 $898 $882 $680 $675
2011 $898 $886 $667 $679
2010 $912 $905 $702 $703
2009 $916 $901 $723 $702
2008 $932 $917 $717 $718
2007 $885 $879 $721 $733
2006 $895 $892 $706 $700
2005 $869 $876 $685 $690

Peoria Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Peoria Illinois was 7.33% according to Census ACS data.

Rental Vacancy Rate in Peoria Illinois

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Illinois 6.01% -0.20% -0.15%
Peoria, IL 7.33% -2.45% -0.25%

Trends in Peoria, IL Rental Vacancy Rate

The rental vacancy rate in Peoria peaked in 2005 at 12.94%. Since then it has fallen by 5.61% to 7.33%. Data records for this series originated in 2005. From a 2012 post peak low of 4.19%, the rental vacancy rate has increased by 3.14%.

Rental Vacancy Rate: Peoria IL, Illinois, US

Rental vacancy rate in Illinois

Historical Rental Vacancy Rate data for Peoria

Date US Illinois Peoria, IL
2016 5.89% 6.01% 7.33%
2015 5.85% 6.21% 9.78%
2014 6.32% 6.53% 6.47%
2013 6.49% 6.16% 7.58%
2012 6.77% 6.39% 4.19%
2011 7.40% 7.35% 5.28%
2010 8.17% 7.66% 8.66%
2009 8.43% 7.84% 9.10%
2008 7.86% 6.87% 7.98%
2007 7.87% 7.69% 10.25%
2006 7.70% 8.69% 8.69%
2005 7.74% 9.45% 12.94%

Rent as a Fraction of Income

Using median household income data for Peoria, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Peoria, median monthly gross rent as a fraction of median household income was 15.62% in 2016 according to the ACS.

Peoria Illinois Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Illinois 18.70% -0.15% -0.19%
Peoria, IL 15.62% -0.12% -0.10%

Trends in Peoria, IL Rent as a Fraction of Income

The fraction of median Peoria household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 15.98%. Since then it has fallen by 0.36% to 15.62%.

Fraction of Income towards Rent: Peoria IL, Illinois, US

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

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

Date US Illinois Peoria, IL
2016 20.43% 18.70% 15.62%
2015 20.63% 18.85% 15.74%
2014 20.89% 18.91% 15.12%
2013 20.78% 18.89% 15.71%
2012 20.65% 18.89% 15.01%
2011 20.70% 19.36% 15.53%
2010 20.50% 19.21% 15.49%
2009 20.12% 18.41% 15.98%
2008 19.00% 17.31% 14.49%
2007 18.66% 17.36% 15.23%
2006 18.90% 17.56% 15.28%
2005 18.89% 17.52% 14.42%

Renter Fraction in Peoria Illinois

You can calculate the renter fraction in Peoria 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 Peoria as a fraction of total Peoria households. In 2016 28.53% of households were renters according to Census ACS data.

Peoria Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Illinois 34.74% +0.02% +0.68%
Peoria, IL 28.53% +0.90% -1.75%

Trends in the Peoria, IL Renter Fraction

The Peoria household renter fraction peaked in in 2013 at 30.28% and is now 1.75% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Peoria IL, Illinois, US

Fraction of renters in Peoria

History of Peoria Renter Fraction

Date US Illinois Peoria, IL
2016 36.88% 34.74% 28.53%
2015 36.97% 34.72% 27.63%
2014 36.90% 34.51% 28.45%
2013 36.50% 34.06% 30.28%
2012 36.09% 33.40% 29.64%
2011 35.42% 32.65% 28.63%
2010 34.65% 32.27% 26.71%
2009 34.13% 32.00% 27.65%
2008 33.36% 30.73% 24.57%
2007 32.80% 29.94% 26.77%
2006 32.73% 30.12% 26.63%
2005 33.10% 30.13% 24.90%

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.