Average Rent in Peoria, IL↑ Rents rising 3.9% YoY

Peoria, IL has rental prices ranging from $718/month to $1,364/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $790/month — 44% below the national average of $1,400/month. With a median household income of $70,872/year, spending $790/month on a 1-bedroom represents 13% of gross income — within the recommended 30% threshold.

How Peoria Compares

With an average 2-bedroom rent of $1,003/month, Peoria ranks #15 most expensive of the 87 cities tracked in Illinois — pricier than 65% of all US cities in our data.

The Peoria Rental Market

The Peoria, IL area has a population of about 365,773 and 27% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Peoria, IL have risen by $38/month (3.9%) over the past year, from $965 to $1,003. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Peoria, IL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $31,600. The local median household income of $70,872 exceeds that threshold by $39,272, making Peoria relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Peoria, IL is $135,683, giving a price-to-rent ratio of 11.3. The break-even point between renting and buying is roughly 11 years — renting offers more flexibility for shorter stays, while buying makes more sense for long-term residents.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Peoria's neighborhoods. Among the highest-value areas are North Valley ($42,783 median home value), East Bluff ($76,184 median home value), West Bluff ($83,997 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Peoria, IL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Peoria?

Break-even analysis and mortgage estimates based on local market data.

Living in Peoria

Cost of living, job market, crime rates, and moving cost estimates.