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Apartments Under $500 in Springfield, MO

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Apartments Under $500 in Springfield, MO

Search and browse 2934 apartments under $500 available for rent in Springfield, MO. With apartments that span the entire city, you will find an apartment in Springfield for just the right price. During your search, sort your favorite apartments under $500 by one of our listed amenities — covered parking, in-unit washer and dryer, a rooftop pool, a modern fitness center, an updated kitchen, energy efficient appliances, smart technology, online leasing, payments, and more. Want to tour a property? Schedule a tour online and you’ll be moving in to your new Springfield apartment before you know it.

Springfield:
September Rent Report

Welcome to the September 2021 Springfield Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the September 2021 key findings and figures for the Springfield rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Springfield and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Springfield average rent prices in the chart below.

Monthly Rent Report

Springfield Rent Prices Decrease From August to September

Springfield rent prices decreased over the last month. From August to September, the city experienced a -0.56% decrease for the price of a one-bedroom apartment. The rent price for a Springfield one-bedroom apartments currently stands at $712.0.

When we take a look at the two-bedroom comparison from August to September, Springfield experienced a 0.32% increase for the price of a two-bedroom apartment. The rent price for a Springfield two-bedroom apartments currently stands at $933.0.

September Prices: Springfield vs. Surrounding Areas

Rent Prices in Springfield and Surrounding Areas

Rent prices have decreased in Springfield over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 1 of the Springfield suburb increased last month. On the other hand, 0 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Republic, MO .

  • Rents did not decrease in any of the Springfield suburbs.

  • 1 suburb is currently priced lower than the city of Springfield.

September 2021 Pricing Trends: Springfield vs. National Comparisons

Springfield Rent Prices More Affordable Than Major Cities

Rent growth in Springfield over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Springfield average rent prices appear to be relatively affordable for local residents.

The price for a Springfield one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of Rentable's September 2021 National Apartment Report and data set here.

For more information about Springfield and surrounding area rent prices, take a look at the complete data set below.

Data set for Springfield and suburbs

1 BR September 1 BR M/M % Change 2 BR September 2 BR M/M % Change
Springfield, MO $716.0 -0.56% $930.0 1.53%
Republic, MO $606.0 7.07% $750.0 7.60%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.