Savoy, adjacent to the University of Illinois Urbana-Champaign campus, has a small population but a unique rental demand structure as a residential area for students.

The average rent for a 2-bedroom apartment in Savoy ranges from $1,100 to $1,300, with the median rent estimated around $1,180. This tends to be slightly lower than in nearby Champaign or Urbana.

Popular areas can be divided into three categories. The first is the newly built complexes near Savoy Square and Prairie View, which attract many graduate student couples and postdoctoral researchers. The second is the mid-rise apartment complexes along Curtis Road, where undergraduates and young professionals share costs through roommate arrangements. The third is the newly developed area south of Savoy, which, while relatively new and slightly higher in rent, offers good parking and amenities, making it increasingly popular with families.

Rental price differences by area are influenced by the distance to campus and the age of the buildings. Newer complexes along campus shuttle bus routes can exceed $1,350, while older complexes with less shuttle access can drop to the low $1,000s.

Recent trends show a steady increase in demand for Savoy, coinciding with the expansion of graduate and international programs at the University of Illinois, with rents rising gradually by about 3-4% annually.

Due to the university's characteristics, the Savoy and nearby Urbana-Champaign area has consistently housed Korean international students, visiting scholars, and faculty families. While it is not a large Korean town, there are Korean churches, small Korean markets, and study groups, providing decent community access. The rent for 2-bedroom apartments in this area, preferred by graduate student families, is around $1,150 to $1,250.

When Korean families look for 2-bedrooms in Savoy, properties tend to be quickly taken around the start of the semester, so it is practical to secure a lease before the summer break. It is advisable to clarify priorities between shuttle access and rent.