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Studio Apartments for Rent in Freeport, IL

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  • /19

    $1,395 Per Month

    • Studio
    • 2,560 Sq Ft
    • Apartment for Rent

    404-406 E Prospect Terrace, Freeport, IL 61032

    Stop Renting. Start Owning! Unique homeownership opportunity designed for renters ready to make the move to owning. Two-story duplex featuring 2 bedrooms and 1 bathroom in each unit. The main floor unit offers a spacious living room and separate dining room with hardwood flooring, plus a kitchen with new vinyl plank flooring and main floor laundry hookups. The upper unit features a light-filled

    Olga Kampmeier Keller Williams Realty Signature

    404-406 E Prospect Terrace, Freeport, IL 61032
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    $1,325 Per Month

    • Studio
    • 1 Bath
    • 1,310 Sq Ft
    • House for Rent

    803 S James Ave, Freeport, IL 61032

    OWN THIS HOME — Don't Just Rent It! 3-bed, 2-bath charming 2-story home with 1,310 sqft of character-filled living space. Beautiful hardwood floors throughout, central air conditioning, forced air heating, and a 1-car garage. Located on a tree-linedstreet in Freeport with classic Midwestern charm. OWNERSHIP OPPORTUNITY: This property qualifies for the Pied Piper Group

    803 S James Ave, Freeport, IL 61032

Why Live in Freeport

Freeport, Illinois, known as "Pretzel City," is a small city with a rich history and a population of approximately 23,000. The city has faced economic challenges, particularly with the decline of manufacturing industries, but remains home to significant employers like The Helm Group, The Morse Group, FHN Hospital, and Freeport School District No. 145. Freeport's historical significance is highlighted by the Lincoln-Douglas Debate Square, commemorating the 1858 Senate debate between Abraham Lincoln and Stephen A. Douglas. Attractions include Little Cubs Field, a replica of Wrigley Field, and Krape Park, featuring a vintage carousel and a waterfall. The city also boasts two public golf courses, Park Hills and The Freeport Club. Freeport's downtown area is undergoing revitalization efforts, with events like Pretzel City Brewfest and Music on Chicago concerts contributing to the lively atmosphere. The Lindo Theatre, a historic landmark, remains a downtown gem. Despite some economic uncertainties, Freeport offers affordable housing options, with median home prices around $120,000 and move-in ready bungalows and Craftsman homes starting at $50,000. However, the west side of Freeport has experienced flooding issues, impacting home prices in that area. U.S. Route 20 and Illinois Route 26 provide access to nearby cities, with Chicago O’Hare International Airport located 100 miles away.

Frequently Asked Questions

How much does it cost to rent a home in Freeport, IL?
The median rent for a home in Freeport, IL is $1,300 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Freeport, IL?
To comfortably afford the median rent in Freeport, IL, a household needs to earn roughly $52,000 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 $1,300 per month in Freeport, IL, renters typically need to show $3,900 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 Freeport, IL?
In Freeport, IL, the price-to-rent ratio is 5.8, 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.

Rental Home Trends in Freeport, IL

Rental Home Trends

Number of Homes for Rent
2
Median Rent
$1,300
Median Single Family Home Rent
$1,298
Median Condo Rent
$1,238
How to Rent a Home