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Olney, IL Homes for Rent

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  • /20

    Starting at $800 Per Month

    • 1 Bed

    3924 N Elmdale Rd, Olney, IL 62450

    Our apartment homes are spread out over eight acres with two ponds! It's tucked away adjacent to the Walmart Distribution Center in Olney, IL. Most of these one and two bedroom apartment homes come with washer and dryer hookups and your own garage. Large square footage and scenic views will entice you to make Elmdale Apartments your new home! Call today for a tour.

    Elmdale Apartments

    3924 N Elmdale Rd, Olney, IL 62450
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    $775

    Total Monthly Price

    • 1 Bed
    • 1 Bath
    • 500 Sq Ft
    • Condo for Rent

    918 N Walnut St Unit Apartment A, Olney, IL 62450

    This 1-bedroom, 1-bathroom apartment at 918 N Walnut St offers 500 square feet of living space. The living room provides a comfortable area for relaxation, while the bedroom is designed for privacy and rest. The bathroom includes essential fixtures for daily use. The unit is smoke-free. Laundry facilities are available on-site for convenience. The exterior of the property is well-maintained,

    918 N Walnut St Unit Apartment A, Olney, IL 62450

Why Live in Olney

Olney, Illinois, known as the "White Squirrel Capital of the World," is a small city where white squirrels are a celebrated part of the community, even featured in the city logo and protected by local laws. Located in Richland County, Olney is a hub of commerce in Southeastern Illinois, with major employers like Walmart Distribution Center and Carle Richland Memorial Hospital. The city is undergoing a downtown reconstruction project, adding to its appeal. Housing in Olney ranges from homes built in the late 1800s to early 2000s, with median home prices around $133,000, significantly lower than the national median. The well-rated Richland County Community Unit School District 1 serves local students, and Olney Central College offers higher education opportunities, including associate and bachelor’s degrees through a partnership with Franklin University. Olney boasts five parks, including the woodlands of East Fork Lake, a popular spot for boating and fishing. Main Street and West Street are lined with local shops and restaurants, contributing to the city's vibrant downtown. Annual events like the Richland County Fair and the Olney Arts Council’s Fall Festival are held at Olney City Park, adding to the city's attractions. Public transportation is available through Rides Mass Transit District, with the White Squirrel bus route providing access to essential stops. Olney is about 2.5 hours from St. Louis, Springfield, and Indianapolis, with Evansville Regional Airport located 1.5 hours south.

Frequently Asked Questions

How much does it cost to rent a home in Olney, IL?
The median rent for a home in Olney, IL is $775 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option.
How much do you need to make to afford rent in Olney, IL?
To comfortably afford the median rent in Olney, IL, a household needs to earn roughly $31,000 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 $775 per month in Olney, IL, renters typically need to show $2,325 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 Olney, IL?
In Olney, 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.

Rental Home Trends

Number of Homes for Rent
2
Median Rent
$775
Median Condo Rent
$775
How to Rent a Home