1

Studio Apartment for Rent in Peotone, IL

Section Image
  • /16

    $900 Per Month

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

    29837 Il-50, Peotone, IL 60468

    Come check out the newly remodeled North Peotone Apartment complex!! No expense was spared to make this community the best on the south side!! There are laundry facilities on site. Grilling area. Plenty of parking. We have multiple units that are now available for immediate occupancy. Studio, 1 bedrooms, and 2 bedrooms. All units have been updated with new flooring, paint, appliances and more.

    29837 Il-50, Peotone, IL 60468

Why Live in Peotone

Peotone, located about 46 miles south of Chicago in Illinois, is a village in the rural far south suburbs known for its agricultural surroundings and small-town feel. The village features a variety of home styles, including late-19th and early 20th-century Victorians, farmhouses, American Foursquares, ranch-style homes, split-levels, and contemporary designs. Most residential lots have driveways, sidewalks, and shade trees, contributing to its walkable nature. Peotone's historical significance is highlighted by the Peotone Mill, a windmill built in 1872 now serving as a museum, and the village's small historical district. The Old Mill Fall Fest, an annual event, celebrates this heritage with music, antiques, and historically themed demonstrations. Downtown Peotone offers a range of businesses and dining options, including Cornerstone Coffee House, Corner Cafe, and Game On! Bar & Grill, which hosts various social events. For sweet treats, Archy’s Sweet Treats and Dolomiti provide ice cream and artisanal foods. The Peotone Park District offers amenities such as a playground, skate park, and walking trails, while the Will County Fairgrounds host events like the Will County Fair and Haunted Hollows Fest. Though Peotone lacks passenger rail services, it is accessible via State Route 50 and Interstate 57. The proposed South Suburban Airport remains a topic of debate, with environmental concerns and an uncertain future. The Peotone Community Unit School District serves local students, with schools receiving moderate ratings.

Frequently Asked Questions

How much does it cost to rent a home in Peotone, IL?
The median rent for a home in Peotone, IL is $1,000 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option.
How much do you need to make to afford rent in Peotone, IL?
To comfortably afford the median rent in Peotone, IL, a household needs to earn roughly $40,000 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 $1,000 per month in Peotone, IL, renters typically need to show $3,000 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 Peotone, IL?
In Peotone, IL, the price-to-rent ratio is 27.6, 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 Peotone, IL

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$1,000
Median Condo Rent
$1,200
How to Rent a Home