Department of Numbers

Springfield Massachusetts Residential Rent and Rental Statistics

The median monthly gross residential rent in Springfield, MA (the Springfield metro area) was $906 in 2015 according to the Census ACS survey.1 Average gross rent in Springfield was $880 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Springfield median and average rent data will be released in September of 2017.

Data is also available below for Springfield rental vacancy rates, Springfield rent as a percent of median income and the fraction of renters in Springfield.

Show dollars as: Nominal Real

Real Gross Rent in Springfield Massachusetts (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Massachusetts Median Gross Rent $1,164 +5.63% +12.03%
Springfield, MA Median Gross Rent $906 +4.74% +13.25%

Springfield, MA Real Gross Rent Trends

At $906, real median gross rent in Springfield was at its highest level in 2015 since the series began in 2005. At $880, real average gross rent in Springfield was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Springfield: Springfield MA Median, Springfield MA Average, Massachusetts Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Springfield

Date US
Median
Massachusetts
Median
Springfield, MA
Median
Springfield, MA
Average
2015 $959 $1,164 $906 $880
2014 $930 $1,102 $865 $846
2013 $898 $1,069 $844 $868
2012 $886 $1,039 $800 $771
2011 $887 $1,053 $802 $789
2010 $901 $1,063 $822 $804
2009 $905 $1,061 $804 $806
2008 $920 $1,106 $847 $828
2007 $874 $1,048 $812 $779
2006 $883 $1,080 $816 $811
2005 $858 $1,063 $790 $768

Springfield Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Springfield Massachusetts was 4.29% according to Census ACS data.

Rental Vacancy Rate in Springfield Massachusetts

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Massachusetts 3.48% -0.56% -0.98%
Springfield, MA 4.29% +0.39% -0.28%

Trends in Springfield, MA Rental Vacancy Rate

The rental vacancy rate in Springfield peaked in 2007 at 6.88%. Since then it has fallen by 2.59% to 4.29%. Data records for this series originated in 2005.

Rental Vacancy Rate: Springfield MA, Massachusetts, US

Rental vacancy rate in Massachusetts

Historical Rental Vacancy Rate data for Springfield

Date US Massachusetts Springfield, MA
2015 5.85% 3.48% 4.29%
2014 6.32% 4.04% 3.90%
2013 6.49% 4.61% 4.84%
2012 6.77% 4.46% 4.57%
2011 7.40% 4.76% 3.88%
2010 8.17% 5.80% 4.32%
2009 8.43% 5.83% 4.21%
2008 7.86% 5.28% 4.16%
2007 7.87% 6.20% 6.88%
2006 7.70% 5.55% 5.69%
2005 7.74% 5.58% 2.89%

Rent as a Fraction of Income

Using median household income data for Springfield, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Springfield, median monthly gross rent as a fraction of median household income was 20.36% in 2015 according to the ACS.

Springfield Massachusetts Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Massachusetts 19.78% +0.57% +0.75%
Springfield, MA 20.36% -0.12% +1.78%

Trends in Springfield, MA Rent as a Fraction of Income

The fraction of median Springfield household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.48%. Since then it has fallen by 0.12% to 20.36%.

Fraction of Income towards Rent: Springfield MA, Massachusetts, US

Percent of median household income going towards median monthly gross rent in Springfield Massachusetts

Historical Data for Annual Rent as a Fraction of Income in Springfield Massachusetts

Date US Massachusetts Springfield, MA
2015 20.63% 19.78% 20.36%
2014 20.89% 19.21% 20.48%
2013 20.78% 19.36% 19.47%
2012 20.65% 19.03% 18.58%
2011 20.70% 19.74% 18.83%
2010 20.50% 19.51% 19.02%
2009 20.12% 18.50% 18.25%
2008 19.00% 18.18% 17.65%
2007 18.66% 18.20% 17.96%
2006 18.90% 18.67% 17.93%
2005 18.89% 18.93% 18.26%

Renter Fraction in Springfield Massachusetts

You can calculate the renter fraction in Springfield in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Springfield as a fraction of total Springfield households. In 2015 37.51% of households were renters according to Census ACS data.

Springfield Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Massachusetts 38.28% -0.12% +0.52%
Springfield, MA 37.51% -2.41% +1.64%

Trends in the Springfield, MA Renter Fraction

The Springfield household renter fraction peaked in in 2014 at 39.92% and is now 2.41% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Springfield MA, Massachusetts, US

Fraction of renters in Springfield

History of Springfield Renter Fraction

Date US Massachusetts Springfield, MA
2015 36.97% 38.28% 37.51%
2014 36.90% 38.40% 39.92%
2013 36.50% 38.46% 37.32%
2012 36.09% 37.76% 35.87%
2011 35.42% 37.87% 36.39%
2010 34.65% 37.77% 36.74%
2009 34.13% 35.79% 36.03%
2008 33.36% 35.46% 34.04%
2007 32.80% 34.91% 35.49%
2006 32.73% 35.08% 34.48%
2005 33.10% 35.95% 37.96%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.