See all rent data for Peoria, IL →
Fair Market Rent in 61562 — Peoria, IL
The typical 1-bedroom rent in 61562 (Peoria, IL) is $871/month as of 2026, based on 2 data sources. Rents have risen 1.3% year over year, so an increase above 1.3% exceeds the local market trend. Studio: $750. 2-bedroom: $1,030.
Rents in Peoria have grown approximately +1.3% (HUD estimate) over the past year based on HUD Fair Market Rent. A rent increase above 1.3% is above the local market trend.
Estimated Rent · 1-Bedroom
$871/mo
Source: HUD Estimated Rent
Data through
Based on federal benchmarks and 1 additional market source.
The HUD Fair Market Rent for a 1-bedroom in 61562 (Peoria, IL) is $810 for FY2026.
Rents in 61562 have increased 1.3% year-over-year based on HUD Fair Market Rent.
The confidence level for this estimate is moderate based on 2 data sources.
Based on HUD Fair Market Rent, a fair rent increase in Peoria (61562) is approximately 1.3% for 2026. The typical 1-bedroom rent is $871/month. Any increase significantly above 1.3% exceeds the local market trend and may be worth negotiating.
Sources: HUD Fair Market Rent, HUD SAFMR FY2026, Rentcast. Updated October 2025.
Market trend data is limited for this area. The analysis below uses federal rent benchmarks.
What Should Rent Cost in 61562 (Peoria)?
Typical rent ranges based on HUD benchmarks and market data. In areas with limited listing data, ranges reflect federal benchmarks and may be wider than actual market conditions.
A studio in 61562 (Peoria) typically rents for $750 – $810.
Rents above $931 are in the top 25% for this area.
A 1-bedroom in 61562 (Peoria) typically rents for $810 – $875.
Rents above $1,006 are in the top 25% for this area.
A 2-bedroom in 61562 (Peoria) typically rents for $1,030 – $1,112.
Rents above $1,279 are in the top 25% for this area.
A 3-bedroom in 61562 (Peoria) typically rents for $1,330 – $1,436.
Rents above $1,651 are in the top 25% for this area.
A 4-bedroom in 61562 (Peoria) typically rents for $1,440 – $1,555.
Rents above $1,788 are in the top 25% for this area.
Current Asking Rents in 61562
What are apartments actually renting for near 61562? Click below to see live asking rents from current listings.
Live market data · Updated daily
Rent Increase Laws in Illinois →
▶Full market data
Federal Rent Benchmarks for 61562
HUD Fair Market Rents are federal rent benchmarks used for housing programs, published annually by HUD.Note: These values represent the HUD metro-area benchmark for the Peoria, IL MSA area, not zip-specific rates.
| Bedroom Size | Fair Market Rent | Estimated Rent |
|---|---|---|
| Studio | $750 | $807 |
| 1-Bedroom | $810 | $871 |
| 2-Bedroom | $1,030 | $1,107 |
| 3-Bedroom | $1,330 | $1,434 |
| 4-Bedroom | $1,440 | $1,544 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 61562
What is the average 1-bedroom rent in 61562?
The typical 1-bedroom rent in 61562 (Peoria, IL) is $871/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $750 and 2-bedroom rent at $1,030.
What is a fair rent increase in 61562?
A rent increase up to about 1.3% is in line with the recent local market trend in 61562. An increase above that level is above trend and may justify a closer review against local pricing and comparable apartments.
Are rents going up or down in 61562?
Rents in 61562 have risen 1.3% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 61562?
On this page, studio rent in 61562 is $750/month and 2-bedroom rent is $1,030/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
Renting in Peoria, IL? Your rent could be building your credit.
Report your monthly rent payments to all 3 credit bureaus — the same ones your next landlord will check. Takes 2 minutes to set up.
RenewalReply may earn a commission at no cost to you. Learn more
Renters insurance from $5/mo
Protect your belongings from theft, fire, and water damage. Takes 2 minutes and most landlords require it.
RenewalReply may earn a commission at no cost to you. Learn more
Renter Tools
Similar Rents in Other Areas
These zip codes have similar 1-bedroom rents to 61562 ($810/mo) — useful for comparing what your rent gets you in other markets.
Other Zip Codes in Peoria, IL
Nearby Areas
Market data updated monthly from public and third-party sources. Actual rents vary by unit, building, and lease terms. For informational purposes only — not legal or financial advice. See methodology →