$990 Per Month
- 2 Beds
- 1 Bath
- 1,120 Sq Ft
- Condo for Rent
720 7th St Unit 718, Colona, IL 61241
Frequently Asked Questions
How much does it cost to rent a home in Colona, IL?
The median rent for a home in Colona, IL is $990 per month, though prices vary by neighborhood, size, and property type. As of July 2026, single-family homes tend to be the most affordable option while condos are currently more expensive.
How much do you need to make to afford rent in Colona, IL?
To comfortably afford the median rent in Colona, IL, a household needs to earn roughly $39,600 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $990 per month in Colona, IL, renters typically need to show $2,970 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Colona, IL?
In Colona, IL, the price-to-rent ratio is 14.5, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Colona, IL are best for renting a home?
The best neighborhood for renting in Colona, IL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Park Hill, Downtown Moline, Downtown Bettendorf, North Side and Central Davenport, each with its own character and price range.
