The Element
1550 W Dempster St,
Mount Prospect, IL 60056
1-3 Beds | $1,533 - $4,401
Rental Market Trends in Mount Prospect, IL
What is the average rent in Mount Prospect, IL?
$1,685/month
Average Rent
692 Sq Ft
Average Apartment Size
+2.4%
Increase in the Last Year
As of June 2025, the average rent in Mount Prospect, IL is $1,685 per month. For comparison, the national average rent price in the US is currently $1,628/month, which means Mount Prospect rent prices are 4% higher than the national average. When you rent an apartment in Mount Prospect, you can expect to pay about $1,902 per month for a studio, $1,685 for a one-bedroom apartment, and around $1,905 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,540 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 2.4%, which averages out to $41 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 June 2025
Legend
2024
2025
Rent Ranges in Mount Prospect, IL
Last Updated June 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
3%
$700 - $1,000/month
53%
$1,001 - $1,500/month
23%
$1,501 - $2,000/month
20%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Mount Prospect?
Based on current rent prices, Elk Ridge Villa, Colonial Manor and Downtown Mount Prospect are the most affordable neighborhoods 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, Colonial Manor and Elk Ridge Villa are the most expensive neighborhoods in Mount Prospect.
Neighborhood
Average Rent
Average Sq Ft
Which Mount Prospect neighborhoods have the most rentals available?
The neighborhoods in Mount Prospect with the most apartments available are Downtown Mount Prospect, Elk Ridge Villa and Colonial Manor .
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 $1,685, you’ll want to make about $5,616 per month or $67,392 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
-
$2,072/month
One Bedroom
-
$2,226/month
Two Bedroom
-
$2,829/month
Three Bedroom
-
$4,432/month
Nearby City Rent Trends
Apartment communities in Mount Prospect we think you'll love
Property Management Companies in Mount Prospect, IL
Willow Bridge
-
705
Communities
-
191,585
Units
-
328
Cities
3 Communities in Mount Prospect
Trinity Property Consultants
-
158
Communities
-
43,087
Units
-
98
Cities
2 Communities in Mount Prospect
Monument Real Estate Services
-
20
Communities
-
5,003
Units
-
18
Cities
2 Communities in Mount Prospect
TLC Management
-
34
Communities
-
5,792
Units
-
10
Cities
2 Communities in Mount Prospect
Greystar
-
3,255
Communities
-
904,657
Units
-
840
Cities
1 Community in Mount Prospect
Two Coast Living
-
91
Communities
-
27,770
Units
-
78
Cities
1 Community in Mount Prospect
RMK Management
-
29
Communities
-
7,023
Units
-
19
Cities
1 Community in Mount Prospect
Bayshore Properties
-
18
Communities
-
6,796
Units
-
15
Cities
1 Community in Mount Prospect
Learn More with Helpful Articles
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
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 2025.
* Percentages may not total 100 due to rounding.