Rent prices are increasing in Peoria and other Illinois cities. Here's how much

PEORIA - The cost of renting a home in Peoria rose last year, but not nearly as much as it did across the U.S.

The median rent in the Peoria metro area was $958 per month in 2023; now it's $1,024, an increase of 6.9%, according to a report by Construction Coverage. Across the U.S., the median rent increased more than 12.6%.

Rents are rising because home prices and mortgage interest rates are pricing many would-be buyers out of the residential real estate market. A shortage in housing stock is adding to the pain, as more renters are competing for fewer available units.

Illinois was No. 4 on the list of states with the biggest change in rent prices, with an increase of 17.1%. Chicago placed seventh among large metros with the biggest increase, with a rise of 19.8% — $1,537 to $1841. The Davenport/Moline/Rock Island area was also on the list, with an increase of 5.5%, as median monthly rent increased from $961 to $1,014.