Mount Prospect, IL

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

Performance indicators for the Mount Prospect short-term rental market based on reliable data.

Listings

29 / 89

Reliable / Active

Cap Rate

7%

Middle-Earners Gross Yield

Revenue

$30,701

Middle-Earners Revenue

Occupancy

58%

Middle-Earners Occupancy

Home Value

$446,946

Median Home Sale Price

Top Earners

$57,719

Top-Earners Revenue

Mount Prospect

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Mount Prospect.

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C

Challenging to Investors

Mount Prospect Regulations

The city’s code does not explicitly address STRs, creating regulatory uncertainty (STRs may be treated as commercial uses requiring zoning approvals). Existing rental licensing, seminars, inspections, and taxes are straightforward and not unduly burdensome, but the ambiguity around legality, zoning compliance, and enforcement risk is enough to deter some investors.

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About Mount Prospect

Mount Prospect is a village in Cook County, Illinois, home to approximately 55,000 residents in the northwestern suburbs of Chicago. Located roughly 25 miles northwest of the Loop, the village has the feel of a classic Midwestern suburb, with tree-lined residential streets, a compact and walkable historic downtown, and a strong civic identity anchored around its Metra commuter rail station. It is best known for its central position within the Chicago metropolitan area and its quick access to O'Hare International Airport, making it a practical base for visitors who want suburban calm with reliable connections to the city and the broader region.

One of the largest green spaces near the village is Busse Forest, an expansive unit of the Forest Preserves of Cook County that surrounds Busse Lake. Just a few minutes' drive from most parts of Mount Prospect, the forest preserve offers fishing, boating, picnic groves, paved bike trails, and horseback riding, providing a sizeable natural escape in the middle of the suburbs for guests who want to spend time outdoors without leaving the area.

Downtown Mount Prospect, centered around Moutray Square and the Metra station, gives the village its small-town heart. The district includes locally owned restaurants, coffee shops, and boutiques, along with the Mount Prospect Historical Society, which preserves the area's nineteenth-century farming and railroad heritage. The walkable core makes the village feel like more than just a typical commuter bedroom community, and the train line puts downtown Chicago within an easy ride for day trips.

Randhurst Village is the village's flagship shopping and entertainment district, a mixed-use redevelopment that combines national retailers, dining, a cinema, and a hotel within walking distance of surrounding neighborhoods. It functions as Mount Prospect's main social and retail center on evenings and weekends and is a natural anchor for guests who want amenities close to their rental.

About ten minutes east in Schaumburg, Woodfield Mall ranks among the largest shopping centers in the United States and draws visitors from across the region for its mix of department stores, specialty retail, and dining. For travelers willing to venture further, downtown Chicago and its museums, lakefront, and entertainment districts are reachable in roughly 45 minutes by car or by Metra.

With its central location, easy airport access, walkable downtown, and proximity to both outdoor recreation and major regional draws, Mount Prospect offers short-term rental guests a quieter alternative to staying directly in Chicago while keeping the entire metropolitan area within easy reach.

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