Department of Numbers

Will County Illinois Residential Rent and Rental Statistics

The median monthly gross residential rent in Will County IL was $1,160 in 2017 according to the Census ACS survey.1 Average gross rent in Will County was $1,166 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 Will County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Will 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%
Will County IL Median Gross Rent $1,160 +3.02% +7.51%

Will County IL Real Gross Rent Trends

At $1,160, real median gross rent in Will County was at its highest level in 2017 since the series began in 2005. Average gross rent for Will County peaked in real terms in 2015 at $1,173 and is now $7 (0.60%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Will County

Date US
Median
Illinois
Median
Will County IL
Median
Will County IL
Average
2017 $1,012 $974 $1,160 $1,166
2016 $996 $965 $1,126 $1,172
2015 $987 $963 $1,148 $1,173
2014 $956 $927 $1,079 $1,089
2013 $924 $904 $990 $1,055
2012 $912 $896 $1,013 $1,059
2011 $912 $900 $1,006 $1,066
2010 $927 $919 $1,037 $1,118
2009 $931 $915 $959 $1,031
2008 $947 $932 $960 $1,081
2007 $899 $892 $961 $1,030
2006 $909 $906 $987 $1,044

Will 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 Will County Illinois was 11.45% according to Census ACS data.

Rental Vacancy Rate in Will County Illinois

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Illinois 7.02% +1.01% +0.49%
Will County IL 11.45% +6.12% +7.06%

Trends in Will County IL Rental Vacancy Rate

At 11.45%, Will County residential rental vacancy rate in 2017 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Will County IL, Illinois, US

Rental vacancy rate in Illinois

Historical Rental Vacancy Rate data for Will County

Date US Illinois Will County IL
2017 6.18% 7.02% 11.45%
2016 5.89% 6.01% 5.33%
2015 5.85% 6.21% 5.39%
2014 6.32% 6.53% 4.39%
2013 6.49% 6.16% 5.29%
2012 6.77% 6.39% 5.60%
2011 7.40% 7.35% 7.08%
2010 8.17% 7.66% 5.77%
2009 8.43% 7.84% 10.99%
2008 7.86% 6.87% 5.95%
2007 7.87% 7.69% 5.93%
2006 7.70% 8.69% 8.44%

Rent as a Fraction of Income

Using median household income data for Will County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Will County, median monthly gross rent as a fraction of median household income was 16.94% in 2017 according to the ACS.

Will 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%
Will County IL 16.94% +0.59% +0.03%

Trends in Will County IL Rent as a Fraction of Income

The fraction of median Will County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 17.62%. Since then it has fallen by 0.69% to 16.94%.

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

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

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

Date US Illinois Will County IL
2017 20.13% 18.55% 16.94%
2016 20.43% 18.70% 16.34%
2015 20.63% 18.85% 17.62%
2014 20.89% 18.91% 16.90%
2013 20.78% 18.89% 15.63%
2012 20.65% 18.89% 16.33%
2011 20.70% 19.36% 16.03%
2010 20.50% 19.21% 16.17%
2009 20.12% 18.41% 14.43%
2008 19.00% 17.31% 13.11%
2007 18.66% 17.36% 14.17%
2006 18.90% 17.56% 13.66%

Renter Fraction in Will County Illinois

You can calculate the renter fraction in Will 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 Will County as a fraction of total Will County households. In 2017 18.45% of households were renters according to Census ACS data.

Will 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%
Will County IL 18.45% -0.90% -1.14%

Trends in the Will County IL Renter Fraction

The Will County household renter fraction peaked in in 2015 at 20.42% and is now 1.97% below that level. The origin year for the series is 2005.

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

Fraction of renters in Will County

History of Will County Renter Fraction

Date US Illinois Will County IL
2017 36.13% 33.82% 18.45%
2016 36.88% 34.74% 19.35%
2015 36.97% 34.72% 20.42%
2014 36.90% 34.51% 19.59%
2013 36.50% 34.06% 18.87%
2012 36.09% 33.40% 18.62%
2011 35.42% 32.65% 17.70%
2010 34.65% 32.27% 18.22%
2009 34.13% 32.00% 15.16%
2008 33.36% 30.73% 14.75%
2007 32.80% 29.94% 14.77%
2006 32.73% 30.12% 14.17%

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.