Landlord Resources
How to Get a Loan for a Rental Property
Rental property loans differ from traditional mortgages, needing larger down payments, higher interest rates, and reserves, often disregarding projected rental income.
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Viewing 1 of 1 rentals in Lake Forest
What to Know About
Life in Lake Forest & Beyond
Lake Forest shares many of the great qualities that make Illinois a desirable place to live.
Illinois is known for its rich cultural heritage, lively urban centers, and beautiful countryside landscapes. Explore the state's cultural heritage by visiting renowned museums such as the Lincoln Presidential Library and Museum, the Field Museum of Natural History, the Museum of Science and Industry, and the Art Institute of Chicago. The state also has a thriving theater and art scene, including the renowned Steppenwolf Theatre Company in Chicago. Illinois is also home to respected universities like the University of Illinois at Urbana-Champaign and Northwestern University.
Outdoor enthusiasts will love the scenic beauty of the Shawnee National Forest and the adventure-filled trails of the Starved Rock State Park. Sports fans will be in their element in Illinois, cheering on the Chicago Bears (NFL), Chicago Blackhawks (NHL), Chicago Cubs (MLB), Chicago White Sox (MLB), and Chicago Bulls (NBA). Experience famous attractions like the Willis Tower, Navy Pier, and the Lincoln Park Zoo. Also, enjoy the musicals and plays at Broadway-in-Chicago, festivals throughout the summer months, and culinary tours of the local restaurants.
With its vibrant cultural scene, exciting entertainment options, and top-notch educational opportunities, Illinois offers a high quality of life, making it a great place to live.
Rental Market Trends
Lake Forest, IL
As of June 2026, Lake Forest's rental market is highly competitive, where rentals lease within days, often attracting multiple applications and above-asking offers. Lake Forest's average rent is 134.7% ($2,281) higher than the Illinois average of $1,694 and 121.2% ($2,178) higher than the U.S. average of $1,797.
Average Rent
$3,975
Monthly ChangeMonth Over Month Change
14.8% ($693)
Yearly ChangeYear Over Year Change
23.9% ($1249)
Avg. Days on MarketAverage Days on Market
25
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $3,656 | 11.9% ($388) | 1.3% ($50) |
| 2 Beds | $4,429 | 4.1% ($191) | 7% ($333) |
| 3 Beds | $4,966 | 21.1% ($1332) | 23.5% ($1526) |
| Nearby Cities | Average Rent | Avg. Rent vs. Lake ForestAverage Rent vs. Lake Forest | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Lake Bluff | $2,112 | 46.9% ($1863) | 27 days |
| Highwood | $2,374 | 40.3% ($1601) | 28 days |
| Deerfield | $2,880 | 27.5% ($1095) | 29 days |
| Lincolnshire | $2,767 | 30.4% ($1208) | 28 days |
| Vernon Hills | $2,651 | 33.3% ($1324) | 26 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Lake Forest Rental Market FAQs
Explore rental prices, market trends, and availability in Lake Forest, IL.
The average rent in Lake Forest, IL is $3,975 per month.
Homes in Lake Forest typically rent for between $2,559 and $6,456 per month, with an average of $3,975 per month.
In Lake Forest, the average rent for a 1-bedroom home is $3,656 per month, for a 2-bedroom home, $4,429 per month, and a 3-bedroom home is $4,966 per month.
The average rent in Lake Forest is 121.2% ($2,178) higher than the national average of $1,797 per month.
The average rent in Lake Forest has decreased by 14.8% ($693) in the last month and decreased by 23.9% ($1,249) over the past year.
The rental market in Lake Forest, IL, is currently highly competitive, where rentals lease within days, often attracting multiple applications and above-asking offers.
In Lake Forest, IL, the average rental stays on the market for approximately 25 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.
There is currently 1 rental property available in Lake Forest, IL.
Based on the current averages, a household would need an annual income of $177,160 to comfortably afford a 2-bedroom home in Lake Forest.
