Department of Numbers

Springfield Illinois Residential Rent and Rental Statistics

The median monthly gross residential rent in Springfield, IL (the Springfield metro area) was $757 in 2016 according to the Census ACS survey.1 Average gross rent in Springfield was $766 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Springfield median and average rent data will be released in September of 2018.

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 Illinois (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Illinois Median Gross Rent $950 +0.21% +6.74%
Springfield, IL Median Gross Rent $757 -0.13% +1.61%

Springfield, IL Real Gross Rent Trends

Median gross rent for Springfield peaked in real terms in 2015 at $758 and is now $1 (0.13%) lower. At $766, real average gross rent in Springfield was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Springfield: Springfield IL Median, Springfield IL Average, Illinois Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Springfield

Date US
Median
Illinois
Median
Springfield, IL
Median
Springfield, IL
Average
2016 $981 $950 $757 $766
2015 $972 $948 $758 $761
2014 $942 $912 $746 $754
2013 $910 $890 $745 $713
2012 $898 $882 $715 $704
2011 $898 $886 $740 $721
2010 $912 $905 $709 $692
2009 $916 $901 $743 $737
2008 $932 $917 $743 $758
2007 $885 $879 $723 $729
2006 $895 $892 $728 $699
2005 $869 $876 $651 $644

Springfield Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Springfield Illinois was 7.74% according to Census ACS data.

Rental Vacancy Rate in Springfield Illinois

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Illinois 6.01% -0.20% -0.15%
Springfield, IL 7.74% +2.99% +4.24%

Trends in Springfield, IL Rental Vacancy Rate

The rental vacancy rate in Springfield peaked in 2006 at 12.08%. Since then it has fallen by 4.34% to 7.74%. Data records for this series originated in 2005. From a 2014 post peak low of 3.03%, the rental vacancy rate has increased by 4.71%.

Rental Vacancy Rate: Springfield IL, Illinois, US

Rental vacancy rate in Illinois

Historical Rental Vacancy Rate data for Springfield

Date US Illinois Springfield, IL
2016 5.89% 6.01% 7.74%
2015 5.85% 6.21% 4.75%
2014 6.32% 6.53% 3.03%
2013 6.49% 6.16% 3.50%
2012 6.77% 6.39% 4.20%
2011 7.40% 7.35% 4.85%
2010 8.17% 7.66% 4.50%
2009 8.43% 7.84% 10.75%
2008 7.86% 6.87% 11.88%
2007 7.87% 7.69% 4.54%
2006 7.70% 8.69% 12.08%
2005 7.74% 9.45% 7.92%

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 16.89% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Illinois 18.70% -0.15% -0.19%
Springfield, IL 16.89% +1.36% +0.82%

Trends in Springfield, IL Rent as a Fraction of Income

Springfield renters paid 16.89% of median household income towards the median monthly gross rent in 2016. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Springfield IL, Illinois, US

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

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

Date US Illinois Springfield, IL
2016 20.43% 18.70% 16.89%
2015 20.63% 18.85% 15.52%
2014 20.89% 18.91% 16.14%
2013 20.78% 18.89% 16.06%
2012 20.65% 18.89% 15.19%
2011 20.70% 19.36% 16.78%
2010 20.50% 19.21% 15.80%
2009 20.12% 18.41% 15.57%
2008 19.00% 17.31% 14.72%
2007 18.66% 17.36% 16.11%
2006 18.90% 17.56% 15.40%
2005 18.89% 17.52% 14.10%

Renter Fraction in Springfield Illinois

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 2016 29.43% of households were renters according to Census ACS data.

Springfield Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Illinois 34.74% +0.02% +0.68%
Springfield, IL 29.43% -2.28% -0.59%

Trends in the Springfield, IL Renter Fraction

The Springfield household renter fraction peaked in in 2014 at 31.73% and is now 2.30% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Springfield IL, Illinois, US

Fraction of renters in Springfield

History of Springfield Renter Fraction

Date US Illinois Springfield, IL
2016 36.88% 34.74% 29.43%
2015 36.97% 34.72% 31.71%
2014 36.90% 34.51% 31.73%
2013 36.50% 34.06% 30.02%
2012 36.09% 33.40% 28.94%
2011 35.42% 32.65% 29.13%
2010 34.65% 32.27% 30.53%
2009 34.13% 32.00% 29.78%
2008 33.36% 30.73% 25.02%
2007 32.80% 29.94% 28.92%
2006 32.73% 30.12% 29.12%
2005 33.10% 30.13% 28.05%

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.