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Fair Market Rent in 62923 — Cypress, IL
The typical 1-bedroom rent in 62923 (Cypress, IL) is $743/month as of 2026, based on 3 data sources. Rents have risen 4.6% year over year, so an increase above 4.6% exceeds the local market trend. Studio: $780. 2-bedroom: $1,120.
Rents in Cypress have grown approximately +4.6% (HUD estimate) over the past year based on HUD Fair Market Rent. A rent increase above 4.6% is above the local market trend.
Estimated Rent · 1-Bedroom
$743/mo
Source: HUD Estimated Rent
Data through
Based on federal benchmarks and 2 additional market sources.
The HUD Fair Market Rent for a 1-bedroom in 62923 (Cypress, IL) is $910 for FY2026.
Rents in 62923 have increased 4.6% year-over-year based on HUD Fair Market Rent.
The confidence level for this estimate is moderate based on 3 data sources.
Based on HUD Fair Market Rent, a fair rent increase in Cypress (62923) is approximately 4.6% for 2026. The typical 1-bedroom rent is $743/month. Any increase significantly above 4.6% 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 62923 (Cypress)?
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 62923 (Cypress) typically rents for $780 – $897.
Rents above $1,032 are in the top 25% for this area.
A 1-bedroom in 62923 (Cypress) typically rents for $910 – $1,000.
Rents above $1,150 are in the top 25% for this area.
A 2-bedroom in 62923 (Cypress) typically rents for $1,120 – $1,288.
Rents above $1,481 are in the top 25% for this area.
A 3-bedroom in 62923 (Cypress) typically rents for $1,430 – $1,644.
Rents above $1,891 are in the top 25% for this area.
A 4-bedroom in 62923 (Cypress) typically rents for $1,630 – $1,874.
Rents above $2,155 are in the top 25% for this area.
Current Asking Rents in 62923
What are apartments actually renting for near 62923? Click below to see live asking rents from current listings.
Live market data · Updated daily
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Federal Rent Benchmarks for 62923
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 Union County, IL area, not zip-specific rates.
| Bedroom Size | Fair Market Rent | Estimated Rent |
|---|---|---|
| Studio | $780 | $638 |
| 1-Bedroom | $910 | $743 |
| 2-Bedroom | $1,120 | $926 |
| 3-Bedroom | $1,430 | $1,172 |
| 4-Bedroom | $1,630 | $1,360 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 62923
What is the average 1-bedroom rent in 62923?
The typical 1-bedroom rent in 62923 (Cypress, IL) is $743/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $780 and 2-bedroom rent at $1,120.
What is a fair rent increase in 62923?
A rent increase up to about 4.6% is in line with the recent local market trend in 62923. 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 62923?
Rents in 62923 have risen 4.6% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 62923?
On this page, studio rent in 62923 is $780/month and 2-bedroom rent is $1,120/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
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These zip codes have similar 1-bedroom rents to 62923 ($910/mo) — useful for comparing what your rent gets you in other markets.
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 →