Welcome to the February 2023 Springfield Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the February 2023 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.
Springfield rent prices increased over the last month. From January to February, the city experienced a 0.14% increase for the price of a one-bedroom apartment. The rent price for a Springfield one-bedroom apartments currently stands at $715.0.
When we take a look at the two-bedroom comparison from January to February, Springfield experienced a -0.31% decrease for the price of a two-bedroom apartment. The rent price for a Springfield two-bedroom apartments currently stands at $978.0.
Rent prices have increased 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.
Rent growth in Springfield over the past year has been on the rise. 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.
For more information about Springfield and surrounding area rent prices, take a look at the complete data set below.
|1 BR February||1 BR M/M % Change||2 BR February||2 BR M/M % Change|
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.