Do new apartments really have lower heating and cooling costs? This is one of the first questions people ask when looking at properties in Savoy. Savoy is a small town located just south of Champaign, part of the University of Illinois Urbana-Champaign commuting area, which has a steady demand from students and young professionals.

So, how much of a difference is there in rent? According to various sources, the average rent in Savoy ranges from $992 to $1,366 (based on 2026 data from RentCafe, Apartments.com, etc.). One-bedroom units typically range from $783 to $1,086, making them generally more affordable than those in downtown Champaign-Urbana.

New developments include The Cottages near Lake Falls and Sterling on First in downtown Savoy. The Cottages feature two-bedroom new units with garages and high-end finishes, while Sterling on First offers a variety of configurations from one to four bedrooms, catering to families as well.

What changes when you choose new construction? New buildings with the latest insulation and energy-efficient systems tend to have lower heating and cooling costs compared to existing ones nationwide, and many come with construction warranties. On the other hand, existing buildings often have the advantage of larger square footage and proven locations with good access to the campus.

What about maintenance fees? New condos or townhome rentals typically have higher HOA or maintenance fees due to the increased community amenities. In a smaller market like Savoy, this gap may not be as significant as in larger urban developments, but it's wise to carefully compare maintenance fee items before signing a lease.

The effective property tax rate in Champaign County is about 2.07 percent as of 2026, which is similar to or slightly higher than the Illinois state average (propertytaxrates.org). Families moving from out of state for campus commuting should consider that their property tax burden may be higher than in their previous location. Tax rates vary based on the county and assessed value, so it's best to check each property individually.

How does the cold winter in Central Illinois affect buildings? The Champaign-Urbana area experiences long, cold winters similar to Chicago, so existing buildings may see increased maintenance costs in winter due to issues like pipe freezing or reduced insulation performance. The energy efficiency of new developments is more noticeable in these seasonal conditions.

Which option is better for investment? Savoy, being near the university, has a steady demand for rentals from students and young professionals, so even existing properties often don't face significant vacancy concerns. However, new constructions tend to have lower major repair costs in the first few years, providing an advantage in terms of stability for long-term ownership. It's important to note that neither option guarantees a specific return on investment.

How do insurance costs differ? Older buildings with aging plumbing or roofs may lead insurers to assess higher risks, resulting in increased premiums, so it's advisable to check estimated insurance costs before signing a lease.

What is the actual living experience like? New apartments often feature open kitchens, ample storage, and in-unit washers and dryers as standard. Existing apartments typically have more traditional layouts with separate rooms, and shared laundry facilities are common. Given the nature of college towns, many tenants look for furnished units or roommate-sharing arrangements, which may be more readily available in existing properties. Ultimately, which option is more comfortable depends on individual lifestyle preferences.

In the end, whether new or existing apartments are better in Savoy depends on commuting distance, budget, and total costs including maintenance fees. This article is not investment or legal advice, and it's recommended to consult with a professional before making any agreements.