4

Olney, IL Homes for Rent

Section Image
  • /20

    Starting at $800 Per Month

    • 1 - 2 Beds

    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
  • /19

    $1,550

    Total Monthly Price

    • 3 Beds
    • 2 Baths
    • 1,400 Sq Ft
    • House for Rent

    1622 S Whittle Ave, Olney, IL 62450

    If you are looking for an upscale rental home, this one is for you! This remodeled home features hardwood floors throughout, a master bedroom with on suite full bathroom, 2 additional bedrooms, 1 additional bathroom, laundry/mud room off of the garage into the house, modernized kitchen with plenty of storage, a combined dining/living room area, and a full unfinished basement! If you enjoy shade

    1622 S Whittle Ave, 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 $1,550 per month, though prices vary by neighborhood, size, and property type. As of August 2026, single-family homes 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 $62,000 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 $1,550 per month in Olney, IL, renters typically need to show $4,650 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 7.8, 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

Number of Homes for Rent
2
Median Rent
$1,550
Median Single Family Home Rent
$1,550
How to Rent a Home