True Cost of Renting in Peoria, IL

Peoria sits at the geographic center of Illinois, home to Caterpillar's world headquarters and a strong healthcare corridor anchored by OSF Saint Francis Medical Center. Rents here are among the most affordable in Illinois outside of rural areas — a genuine consideration for remote workers or those employed locally who want to maximize financial runway.

Neighborhoods & Average Rents

Warehouse District / Riverfront

Studio:
$650/mo
1 Bed:
$850/mo
2 Bed:
$1,200/mo

Revitalizing downtown riverfront with loft apartments in former industrial buildings. Caterpillar Visitors Center nearby. ComEd electric. Growing restaurant and entertainment scene. I-74 access for commuters. Best urban living value in central Illinois.

East Bluff

Studio:
$550/mo
1 Bed:
$750/mo
2 Bed:
$1,000/mo

Historic neighborhood on the bluff above Downtown; older apartment buildings and single-family rentals at rock-bottom prices. Bradley University nearby drives student rental demand. Older building stock means higher winter heating costs — ask about average utility bills.

North Peoria / Dunlap

1 Bed:
$900/mo
2 Bed:
$1,300/mo

Northern suburban growth corridor; newer apartment complexes with modern amenities. Top-rated Dunlap school district. Most new construction in the metro. Car-dependent but easy I-74 and US-150 access.

Utility Providers

Electric
ComEd (Commonwealth Edison)
Water
Illinois American Water (Peoria division)
Internet
Comcast Xfinity, AT&T Internet, Mediacom

Commute & Transportation

Peoria is at the junction of I-74 (east-west) and I-474 (south bypass). Bloomington-Normal is 45 miles east; Springfield is 75 miles south; Chicago is 170 miles northeast — a 2.5-hour drive with minimal traffic. No passenger rail to Chicago. The Greater Peoria Regional Airport (PIA) serves American, Delta, and United connections through their hubs. Major employers: Caterpillar Inc. (world HQ, 7,000+ employees), OSF Saint Francis Medical Center (7,000+), UnityPoint Health Methodist (2,000+), and State Farm (regional office).

Rental Market Overview

Peoria is one of the most affordable mid-sized metros in the Midwest. 1BR apartments for $750–1,000 are common in desirable neighborhoods. The Caterpillar HQ presence provides a stable corporate employment base, and OSF/UnityPoint create healthcare sector demand. ComEd electric rates are manageable ($0.12–0.14/kWh), but older apartment stock in East Bluff and Near North Side can have high heating bills in Illinois winters — ask for utility history before signing. The city's affordability makes it attractive for debt-payoff or savings-acceleration strategies on moderate incomes.

Data last updated: 2026-04

Compare Apartments in Peoria

Enter your rental options below to see the true all-in monthly cost.

Renting in Peoria: Common Questions

What is the average rent in Peoria?
One-bedroom apartments in Peoria range from $750/month in East Bluff to $900/month in North Peoria / Dunlap. Two-bedroom units range from $1,000 to $1,300/month. These are base rents — add fees, utilities, and amenity costs to get the true all-in monthly cost.
What utilities do I need to set up in Peoria?
In Peoria, electricity is provided by ComEd (Commonwealth Edison), water by Illinois American Water (Peoria division), and common internet providers include Comcast Xfinity, AT&T Internet, Mediacom. Check whether your lease includes water or trash — some buildings bundle these into rent while others charge separately. Always ask the leasing office for the average monthly utility bill before signing.
What neighborhoods are affordable in Peoria?
East Bluff is one of the most affordable neighborhoods in Peoria, with one-bedroom apartments averaging $750/month. Historic neighborhood on the bluff above Downtown; older apartment buildings and single-family rentals at rock-bottom prices. Bradley University nearby drives student rental demand. Older building stock means higher winter heating costs — ask about average utility bills. Remember to factor in commute costs and parking fees when comparing neighborhoods — a cheaper base rent farther from work may cost more overall.
Is Peoria expensive to rent in?
Peoria is one of the most affordable mid-sized metros in the Midwest. 1BR apartments for $750–1,000 are common in desirable neighborhoods. Use RentCompare to calculate the true all-in cost for any apartment in Peoria — base rent alone does not tell the full story.

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