Updated 2026 · Based on median market data for Peoria, IL
The median monthly rent in Peoria, IL is $880, translating to $10,560 in annual gross rental income per unit. The rent-to-price ratio is 0.70% — below the 1% rule but within a range where deals can work with good financing.
Renters in Peoria spend approximately 22% of the local median household income ($48,200) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. Tenants can afford to pay more, which is bullish for landlords.
The vacancy rate in Peoria is 7.2%. This is above the national average and warrants careful tenant screening and marketing. Budget for longer vacancy periods between tenants and consider offering competitive amenities or pricing to reduce turnover. Population growth of -0.3% annually means demand is flat to declining — focus on properties in the strongest neighborhoods.
Peoria's GRM (price divided by annual rent) is 11.8x. A GRM under 12x is excellent — it means you're paying less than 12 years of gross rent for the property, suggesting strong income relative to price. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $880/mo, a single-family rental in Peoria generates approximately $10,560 in gross annual income. After accounting for 7.2% vacancy ($760 lost), property taxes of $2,625, insurance (~$500), and maintenance (~$500), the estimated NOI is $6,175 per year, or $515/mo.