Libertyville, IL Property Management and Rental Market Report

📊Key takeaways for Libertyville owners

• Libertyville is two rental markets. Detached houses rent for a median of about $3,200, while attached homes such as townhomes and condos rent for about $2,100.
• The gap comes almost entirely from square footage. Detached homes are larger, and both types rent for close to the same amount per square foot.
• Detached rents have grown by about 43% since 2022, faster than attached rents, which have grown by about 26%.
• Detached listings fail to rent more often, about 36% of the time, versus about 27% for attached homes, so pricing discipline matters most on the detached side.
• Both types lease fastest in spring, so time vacancies for April through July whenever possible.

📍About Libertyville, IL

Libertyville is a village of about 20,600 residents in central Lake County, anchored by a walkable downtown with independent shops, restaurants, and a summer festival calendar that draws visitors from across the area. Its schools are a major draw, with Libertyville District 70 feeding into Community High School District 128, and Libertyville High School ranks among the top public high schools in Illinois. Advocate Condell Medical Center and Hollister Incorporated are among the larger local employers, and two Metra lines put downtown Chicago about an hour away. That mix of jobs, schools, and transit keeps rental demand steady among families and commuters alike.

🏘️Two markets, detached vs attached

The most important thing to understand about Libertyville rentals is that detached single-family houses and attached homes operate as two distinct markets. Here is how each compares, with Lake County as a benchmark, across the past five years of closed leases.

A detached house rents for about $1,100 more per month than an attached home, a difference of about 52%. The two types rent for nearly the same amount per square foot, around $1.80 to $1.90, and both are above the county figure of $1.67. The rent gap comes from square footage. A detached house has a median of about 1,780 square feet, compared with about 1,120 for an attached home, so it earns more total rent at a similar per-square-foot rate. The bedroom count tells the same story. Among attached homes, the two-bedroom is the workhorse, with a median near $2,000, while among detached homes, the four-bedroom family house leads, with a median near $3,800.

The two markets also clear at different rates. About 36% of detached listings were canceled or expired without renting during the window, compared with about 27% of attached listings. Detached houses carry higher rents and draw from a smaller pool of qualified renters, so an overpriced house is more likely to sit and eventually come off the market unrented. Attached homes with lower rents and a deeper renter pool near downtown and Metra clear more reliably. The lesson for owners is that pricing discipline carries more weight on the detached side.

📈Libertyville rent trends, 2022 to 2026

Both markets have grown, and the detached side has grown faster. Median detached rent in Libertyville climbed from about $2,800 in January 2022 to about $4,000 in June 2026, a gain of about 43% over the five-year window. Median attached rent climbed from about $1,825 in January 2022 to about $2,300 in June 2026, a gain of about 26% over the same period. The detached jump is steepest from 2024 onward, as tight for-sale inventory pushed more families to rent houses. Treat the detached line as a broad trend, since Libertyville closes only a handful of detached leases in any single month.

Figure 1. Median monthly rent, Libertyville detached vs attached. Source, MRED MLS Grid.

The attached climb is steadier and shallower, drawing on a deeper, more liquid pool of townhomes and condos. Owners on either side should expect renewals and new leases to keep pace with these trends.

📅When does Libertyville rent fastest?

Seasonality is strong for both types. Detached houses lease fastest from April through July, with July closing in a median of about 10 days and April about 12 days. Attached homes follow the same spring pattern, with April near 14 days and the spring and early summer months well below the winter figures. The slow season is winter for both. Detached listings drag to a median of about 45 days in November and the mid 30s in December, January, and February, while attached listings run in the mid 30s in January and February.

Figure 2. Median days on market by month, Libertyville detached vs attached. Source, MRED MLS Grid.

The practical move is the same for both markets. Aim to have homes available in the spring. If a lease would otherwise end in late fall, offering the tenant a slightly longer or shorter term to push the next turnover into April or May can save weeks of vacancy. At a detached median near $3,200, every vacant day costs about $105, so trimming three weeks of winter market time is worth roughly $2,200. For an attached home near $2,100, a vacant day costs about $70, and the same three weeks are worth about $1,450.

💡What this means for Libertyville property owners

• Price each home by its own type. Benchmark a detached house against the roughly $3,200 detached median and an attached home against the roughly $2,100 attached median. The blended citywide figure of $2,400 will underprice a house and overprice a small condo.
• Use the per-sqft benchmark to set the rate. Both types rent for close to $1.80 to $1.90 per square foot. A 1,776 square foot house near $3,200 and a 1,118 square foot townhome near $2,100 are both in line with the market. Per square foot is the quickest sanity check for an asking rent.
• Match the bedroom tier. Among attached homes, the two-bedroom is the workhorse at a median near $2,000. Among detached homes, the four-bedroom family house leads at a median of nearly $3,800. Set the asking rent against the right tier.
• Plan for vacancy cost. A detached home carries a higher daily vacancy cost, about $105 against about $70 for an attached home, and detached listings fail to rent more often. Timing and pricing discipline matter most on the detached side.
• Weigh the investor trade-off. Detached houses earn more total rent and have grown faster. Attached homes lease from a deeper pool of renters and turn over more predictably. Run the numbers on a specific property with our ROI calculator.

❓ Frequently asked questions

What is the average rent in Libertyville, IL?

It depends on the type of home. The median rent for a detached single-family house is about $3,200, while the median for an attached home, such as a townhome or condo, is about $2,100. The blended citywide median is about $2,400, but that figure averages two very different markets, so use the type-specific numbers when pricing a home.

Why do detached homes rent for so much more than attached homes in Libertyville?

Square footage. Detached houses are larger, with a median of about 1,776 square feet compared with 1,118 square feet for attached homes. The two types rent for close to the same amount per square foot, so the extra rent buys more space.

How long does it take to rent a home in Libertyville?

The median home leases in about 22 to 24 days, and detached and attached homes are close to each other. Both lease fastest in spring and early summer, often in two weeks or less, and slowest in winter, when listings can take a month or more.

When is the best time to list a Libertyville rental?

April through July is the fastest window for both detached and attached homes. January, February, and late fall are the slowest months, so time vacancies for spring whenever possible.

Is Libertyville a good market for rental investment?

Both segments have grown, with detached rents up about 43% and attached up about 26% since 2022, and both rent above the Lake County per-square-foot benchmark. Strong schools, downtown walkability, and two Metra lines support steady demand, which makes it a solid long-term rental market for either property type.

Who manages rental properties in Libertyville, IL?

Cruise Property Management offers full-service property management for owners in Libertyville. Visit our Libertyville property management page for details.

Methodology. Data source: MRED MLS Grid. Libertyville closed residential lease transactions, January 2022 to June 2026, split into detached single-family homes and attached homes such as townhomes, condos, and duplexes using the MLS attached or detached classification. Market figures for rent, days on market, size, and rent per square foot count only closed leases. Canceled and expired listings are excluded from those figures because their list price is the asking rent, which the home never achieved, and they appear only in the share-of-listings-that-did-not-rent figure. The Lake County comparison includes all closed Lake County, IL residential leases for the same period, expressed as the median of monthly medians. All figures are medians unless otherwise noted.

About the author

Soh Tanaka, founder of Cruise Property Management and a licensed Illinois real estate broker. Managing rental properties since 2008. Cruise Property Management specializes in Lake County, IL, and serves owners and investors with full-service property management.

Curious about your Libertyville rental?

Cruise Property Management provides rental analysis and full-service management for Libertyville owners. Get in touch.