The Element
1550 W Dempster St,
Mount Prospect, IL 60056
$1,400 - $2,475
1-3 Beds
Rental Market Trends in Mount Prospect, IL
What is the average rent in Mount Prospect, IL?
$1,665/month
Average Rent
691 Sq Ft
Average Apartment Size
-2%
Decrease in the Last Year
As of April 2026, the average rent in Mount Prospect, IL is $1,665 per month. For comparison, the national average rent price in the US is currently $1,641/month, which means Mount Prospect rent prices are 1% higher than the national average. When you rent an apartment in Mount Prospect, you can expect to pay about $1,901 per month for a studio, $1,665 for a one-bedroom apartment, and around $1,861 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,831 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 decreased by 2%, which averages out to $33 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated April 2026
Legend
2025
2026
Rent Ranges in Mount Prospect, IL
Last Updated April 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
3%
$700 - $1,000/month
52%
$1,001 - $1,500/month
23%
$1,501 - $2,000/month
23%
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, Downtown Mount Prospect and Colonial Manor 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, Colonial Manor, Downtown Mount Prospect 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 $1,665, you’ll want to make about $5,550 per month or $66,600 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
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One Bedroom
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Two Bedroom
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Three Bedroom
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Nearby City Rent Trends
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Two Coast Living
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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 February 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.