The Element
1550 W Dempster St,
Mount Prospect, IL 60056
1-3 Beds | $1,303 - $3,081
Rental Market Trends in Mount Prospect, IL
What is the average rent in Mount Prospect, IL?
$1,587/month
Average Rent
693 Sq Ft
Average Apartment Size
+0.2%
Increase in the Last Year
As of January 2025, the average rent in Mount Prospect, IL is $1,587 per month. For comparison, the national average rent price in the US is currently $1,554/month, which means Mount Prospect rent prices are 2% higher than the national average. When you rent an apartment in Mount Prospect, you can expect to pay about $1,802 per month for a studio, $1,587 for a one-bedroom apartment, and around $1,814 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,363 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Mount Prospect, IL?
In the past year, rent has increased by 0.2%, which averages out to $3 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated January 2025
Legend
2024
2025
Rent Ranges in Mount Prospect, IL
Last Updated January 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
3%
$700 - $1,000/month
55%
$1,001 - $1,500/month
21%
$1,501 - $2,000/month
21%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Mount Prospect?
Based on current rent prices, Downtown Mount Prospect is the most affordable neighborhood in Mount Prospect.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Mount Prospect?
Based on current rent prices, Downtown Mount Prospect is the most expensive neighborhood in Mount Prospect.
Neighborhood
Average Rent
Average Sq Ft
Which Mount Prospect neighborhoods have the most rentals available?
The neighborhood in Mount Prospect with the most apartments available is Downtown Mount Prospect .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Mount Prospect, IL?
Because the average rent in Mount Prospect is $1,587, you’ll want to make about $5,290 per month or $63,480 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 Mount Prospect, IL compare to other nearby cities and neighborhoods?
Use the tool below to compare Mount Prospect, 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.
Studio
$1,947/month
$1,947/month
One Bedroom
$2,156/month
$2,156/month
Two Bedroom
$2,723/month
$2,723/month
Three Bedroom
$4,408/month
$4,408/month
Nearby City Rent Trends
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Methodology
† 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.
* Percentages may not total 100 due to rounding.