The Grove Apartments
1526 W Candletree Dr,
Peoria, IL 61614
1-3 Beds | $1,050 - $1,575
Rental Market Trends in Elmwood, IL
Updated August 2026
The average rent in Elmwood, IL is $897/month.
Rent in Elmwood is 46% lower than the national average rent of $1,664/month, making this one of the less expensive cities statewide.
$897/month
Average Rent
639 Sq Ft
Average Size
-2%
Change / Year
389
Available Apartments
Elmwood rent varies by unit size and layout:
- Studio apartments in Elmwood average per month.
- One-bedroom apartments in Elmwood average $897 per month.
- Two-bedroom apartments in Elmwood average $1,083 per month.
- Three-bedroom apartments in Elmwood average or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Elmwood, IL?
In the past year, rent has decreased by 2%, which averages out to $18 less per month.
Market Trends Over Time
August 2026
2025
2026
Rent Ranges in Elmwood, IL
August 2026
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
100%
$700 - $1,000/month
0%
$1,001 - $1,500/month
0%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Elmwood, IL?
Because the average rent in Elmwood is $897, you’ll want to make about $2,990 per month or $35,880 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 Elmwood, IL compare to other nearby cities and neighborhoods?
Use the tool below to compare Elmwood, 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.
Apartment Communities in Elmwood We Think You'll Love
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Frequently Asked Questions
What is the average rent in Elmwood?
The average rent in Elmwood is $897 per month, which is 46.1% lower than the national average of $1,664.
Are rents going up or down in Elmwood?
Rents in Elmwood, IL are decreasing, with prices down 2.0% year-over-year and $18 less per month.
What rent range is most common in Elmwood?
In Elmwood, IL, 100% 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.