Last updated
Average Rent in Peoria 61602 & Rent Trends
Rent prices and market trends across 1 apartment community in Peoria 61602, Peoria, IL. Updated daily.
Market Average
$1,390/mo
▲ +13.1% from last month
Lowest Available
$1,390/mo
cheapest unit on market
Communities
1
tracked daily
Units Listed
1
available now
Peoria 61602 vs Peoria, IL Average
Peoria 61602 is cheaper the Peoria, IL average by $507/mo (27%). The citywide average is $1,897/mo across all neighborhoods.
Is Rent Going Up or Down in Peoria 61602?
As of May 2026, the average rent in Peoria 61602 is $1,390 per month across 1 apartment community and 1 available units. Rents have increased $170 (13.1%) over the past month.
The most affordable option is The Lofts at Waterfront Place starting at $1,390/mo. By unit type, a 2-bedroom averages $1,390/mo.
Prices range from $1,390 to $1,390 per month. The most common price point is the $1,200 range, where 1 units are currently listed.
Peoria 61602 Rent Price History
Rent by Bedroom Type in Peoria 61602
Rent Prices by Apartment in Peoria 61602
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| The Lofts at Waterfront Place | $1,390/mo | $1,390/mo | 1 | 5 |
Google Search Trends for Peoria 61602 Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Frequently Asked Questions About Rent in Peoria 61602
What is the average rent in Peoria 61602?
Is rent going up or down in Peoria 61602?
What is the cheapest apartment in Peoria 61602?
How many apartments are available in Peoria 61602?
What salary do I need to live comfortably in Peoria 61602?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$56,000/year
30 percent rule -- using our average rent of $1,390/mo.
Comfortable income
$67,000/year
25 percent rule -- leaves more room for savings, transport, and groceries.
Median household income in Peoria 61602 is $58,716 , about 12% below the comfortable-living threshold.
Cost of living in Peoria 61602
Overall prices in Peoria 61602 runs below the national average by about 11% (BEA Regional Price Parity index 88.8, 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 Peoria 61602's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $1,390 |
| Utilities | $251 |
| Groceries | $503 |
| Transportation | $598 |
| Healthcare | $292 |
| Other goods and services | $467 |
| Estimated total | $3,501/mo |
Population
112,126
Median household income
$58,716
Census median rent
$951/mo
Rent as % of income
30.6%
Median age
35.8
Mean commute
18 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 Peoria 61602 Apartments
Browse all 1 communities with daily-updated pricing and availability.