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Walnut, IL Home for Rent

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    $500 Per Month

    • 1 Bed
    • 1 Bath
    • House for Rent

    503 W North St, Walnut, IL 61376

    1 bed 1 bath. $500 rent $500 deposit. Cats and dogs are welcomed. $250 nonrefundable pet fee. $50 per pet per month. Comes with fridge and stove. Landlord does mowing and weedeating. Tenant does snow removal. Tenant pays all utilities. More pictures to come when the tenant moves out. Apply here:

    503 W North St, Walnut, IL 61376

Why Live in Walnut

Walnut, a rural community in north-central Illinois, is surrounded by expansive corn and soybean fields, offering a quiet and welcoming atmosphere for its 1,200 residents. The village is known for its friendly environment where locals often get around on golf carts and gather for annual events like Walnut Days and Fall Fest on Main. The community features a variety of 20th-century homes, including bungalows, cottages, National Folk, and ranch styles, with properties typically set on quarter to half-acre lots. Walnut Park District on Sunset Avenue provides recreational opportunities with a fishing and kayaking pond, walking trails, baseball and softball diamonds, and a summer pool. The Ross Nature Preserve offers additional hiking trails and a 23-acre pond for fishing and wildlife viewing. Downtown Walnut hosts locally owned restaurants such as The Shed Tap n Grill and Avanti’s Foods, while essentials can be found at Dollar General and Walnut Acres Country Store. For more extensive shopping, residents travel to Sterling or Princeton, both about 19 miles away. State Route 92 connects Walnut to nearby cities, with Moline and the Quad Cities International Airport 50 miles west and Chicago approximately 130 miles northeast via Interstate 88.

Frequently Asked Questions

How much does it cost to rent a home in Walnut, IL?
The median rent for a home in Walnut, IL is $500 per month, though prices vary by neighborhood, size, and property type. As of May 2026, single-family homes tend to be the most affordable option.
How much do you need to make to afford rent in Walnut, IL?
To comfortably afford the median rent in Walnut, IL, a household needs to earn roughly $20,000 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 $500 per month in Walnut, IL, renters typically need to show $1,500 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 Walnut, IL?
In Walnut, IL, the price-to-rent ratio is 16.3, 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 Walnut, IL

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$500
Median Single Family Home Rent
$500
How to Rent a Home