The Element
1550 W Dempster St,
Mount Prospect, IL 60056
1-3 Beds | $1,395 - $2,500
Rental Market Trends in Mount Prospect, IL
Updated September 2026
The average rent in Mount Prospect, IL is $1,686/month.
Rent in Mount Prospect is roughly equal to the national average rent of of $1,665/month.
$1,686/month
Average Rent
684 Sq Ft
Average Size
+1.8%
Change / Year
432
Available Apartments
Mount Prospect rent varies by unit size and layout:
- Studio apartments in Mount Prospect average $1,927 per month.
- One-bedroom apartments in Mount Prospect average $1,686 per month.
- Two-bedroom apartments in Mount Prospect average $1,881 per month.
- Three-bedroom apartments in Mount Prospect average $2,891 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
How much has average rent changed in Mount Prospect, IL?
In the past year, rent has increased by 1.8%, which averages out to $31 more per month.
Market Trends Over Time
September 2026
2025
2026
Rent Ranges in Mount Prospect, IL
September 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
3%
$700 - $1,000/month
47%
$1,001 - $1,500/month
27%
$1,501 - $2,000/month
23%
Above $2,000/month
Rent by Neighborhood
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 $1,686, you’ll want to make about $5,620 per month or $67,440 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.
View the Mount Prospect Area GuideStudio
$2,083/month
$2,083/month
One Bedroom
$2,271/month
$2,271/month
Two Bedroom
$2,913/month
$2,913/month
Three Bedroom
$4,412/month
$4,412/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
-
Des Plaines
Avg Rent: $1,741/month
-
Prospect Heights
Avg Rent: $1,442/month
-
Arlington Heights
Avg Rent: $1,936/month
-
Wheeling
Avg Rent: $1,782/month
-
Elk Grove Village
Avg Rent: $1,609/month
-
Rolling Meadows
Avg Rent: $1,518/month
-
Park Ridge
Avg Rent: $1,744/month
-
Glenview
Avg Rent: $1,934/month
Apartment Communities in Mount Prospect We Think You'll Love
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Frequently Asked Questions
What is the average rent in Mount Prospect?
The average rent in Mount Prospect is $1,686 per month, which is 1.3% higher than the national average of $1,665.
What is the average rent for a house in Mount Prospect?
The average rent for a house in Mount Prospect, IL is $3,036 per month.
What is the average rent for a condo in Mount Prospect?
The average rent for a condo in Mount Prospect, IL is $1,764 per month.
Are rents going up or down in Mount Prospect?
Rents in Mount Prospect, IL are increasing, with prices up 1.8% year-over-year and $31 more per month.
What rent range is most common in Mount Prospect?
In Mount Prospect, IL, 47% of apartments fall between $1,001 - $1,500/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 September 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.