Watermark at The Grove
2511 Watermark Ter,
Elgin, IL 60124
1-2 Beds | $1,865 - $2,895
Rental Market Trends in Elgin, IL
Updated August 2026
The average rent in Elgin, IL is $1,450/month.
Rent in Elgin is roughly equal to the national average rent of of $1,664/month.
$1,450/month
Average Rent
665 Sq Ft
Average Size
+2.8%
Change / Year
500
Available Apartments
Elgin rent varies by unit size and layout:
- Studio apartments in Elgin average $966 per month.
- One-bedroom apartments in Elgin average $1,450 per month.
- Two-bedroom apartments in Elgin average $1,725 per month.
- Three-bedroom apartments in Elgin average $2,411 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Elgin, IL?
In the past year, rent has increased by 2.8%, which averages out to $41 more per month.
Market Trends Over Time
August 2026
2025
2026
Rent Ranges in Elgin, IL
August 2026
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
37%
$700 - $1,000/month
37%
$1,001 - $1,500/month
18%
$1,501 - $2,000/month
8%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Elgin?
Based on current rent prices, Northeast Elgin-Cook, Northwest Elgin and Southwest Elgin are the most affordable neighborhoods in Elgin.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Elgin?
Based on current rent prices, Southwest Elgin, Northwest Elgin and Northeast Elgin-Cook are the most expensive neighborhoods in Elgin.
Neighborhood
Average Rent
Average Sq Ft
Which Elgin neighborhoods have the most rentals available?
The neighborhoods in Elgin with the most apartments available are Northwest Elgin, Southwest Elgin and Northeast Elgin-Cook .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Elgin, IL?
Because the average rent in Elgin is $1,450, you’ll want to make about $4,833 per month or $57,996 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Elgin, IL compare to other nearby cities and neighborhoods?
Use the tool below to compare Elgin, IL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
View the Elgin Area GuideStudio
$781/month
$1,108/month
One Bedroom
$1,535/month
$1,063/month
Two Bedroom
$1,760/month
$1,380/month
Three Bedroom
$3,077/month
-
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
-
South Elgin
Avg Rent: $1,798/month
-
Sleepy Hollow
Avg Rent: $1,509/month
-
West Dundee
Avg Rent: $1,925/month
-
East Dundee
Avg Rent: $1,386/month
-
Carpentersville
Avg Rent: $1,206/month
Apartment Communities in Elgin We Think You'll Love
Rental Management, Simplified
Our all-in-one suite of property manangement software makes the rental process easy. Screen tenants, manage payments, and more – all on Apartments.com
Guides for Managing Your Rental
Frequently Asked Questions
What is the average rent in Elgin?
The average rent in Elgin is $1,450 per month, which is 12.9% lower than the national average of $1,664.
What is the average rent for a house in Elgin?
The average rent for a house in Elgin, IL is $2,568 per month.
What is the average rent for a townhome in Elgin?
The average rent for a townhome in Elgin, IL is $2,227 per month.
Are rents going up or down in Elgin?
Rents in Elgin, IL are increasing, with prices up 2.8% year-over-year and $41 more per month.
What rent range is most common in Elgin?
In Elgin, IL, 37% of apartments fall between $700 - $1,000/month, though prices may vary depending on location and other factors.
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.