Last updated
Average Rent in Elgin, IL & Rent Trends
Rent prices and market trends across 3 apartment communities in Elgin, IL. Updated daily.
Market Average
$2,071/mo
▲ +0.1% from last month
Lowest Available
$1,500/mo
cheapest unit on market
Communities
3
tracked daily
Units Listed
47
available now
Rent by Neighborhood in Elgin, IL
Compare average rent across Elgin, IL neighborhoods. Click any area to see detailed trends.
| Neighborhood | Avg Rent | From | Properties | Units |
|---|---|---|---|---|
| Elgin 60124 | $2,366 | $1,925 | 1 | 37 |
| Elgin 60120 | $1,669 | $1,415 | 1 | 42 |
| Elgin 60123 | $1,500 | $1,500 | 1 | 1 |
Is Rent Going Up or Down in Elgin, IL?
As of May 2026, the average rent in Elgin, IL is $2,071 per month across 3 apartment communities and 47 available units. Rents have increased $1 (0.1%) over the past month.
The most affordable option is Carriage Real Estate & Property Management starting at $1,500/mo. By unit type, a 2-bedroom averages $2,071/mo.
Prices range from $1,500 to $2,950 per month. The most common price point is the $1,600 range, where 19 units are currently listed.
Elgin, IL Rent Price History
Rent Price Distribution
Rent by Bedroom Type in Elgin, IL
Rent Prices by Apartment in Elgin, IL
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Carriage Real Estate & Property Management | $1,500/mo | $1,500/mo | 1 | 4.5 |
| Blackhawk Apartment Homes | $1,540/mo | $1,691/mo | 27 | 3.6 |
| Watermark at the Grove | $2,370/mo | $2,641/mo | 19 | 4.3 |
Google Search Trends for Elgin, IL Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Elgin, IL
What is the average rent in Elgin, IL?
Is rent going up or down in Elgin, IL?
What is the cheapest apartment in Elgin, IL?
How many apartments are available in Elgin, IL?
What salary do I need to live comfortably in Elgin, IL?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$83,000/year
30 percent rule -- using our average rent of $2,071/mo.
Comfortable income
$99,000/year
25 percent rule -- leaves more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($1,500/mo), you need to earn at least $60,000/year.
Median household income in Elgin, IL is $88,316 , about 11% below the comfortable-living threshold.
Cost of living in Elgin, IL
Overall prices in Elgin, IL runs above the national average by about 2% (BEA Regional Price Parity index 102.5, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Elgin, IL's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $2,071 |
| Utilities | $477 |
| Groceries | $563 |
| Transportation | $1,138 |
| Healthcare | $555 |
| Other goods and services | $888 |
| Estimated total | $5,692/mo |
Population
114,106
Median household income
$88,316
Census median rent
$1,260/mo
Rent as % of income
28.5%
Median age
36.3
Mean commute
28 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Explore Elgin, IL Apartments
Browse all 3 communities with daily-updated pricing and availability.