Springfield, IL Rental Market
Springfield is the capital of Illinois and a stable government-driven economy anchored by state agencies, the Illinois State Legislature, and several major healthcare providers including HSHS St. John's Hospital and Memorial Health. The University of Illinois Springfield adds a student tenant segment. Low home values and government employment stability create reliable if modest investment returns.
Get a rent estimate for an address in SpringfieldAverage Rent in Springfield, IL
$880
per month · 2026-06
Market Score
Key Facts — Springfield, IL Rental Market
- Average rent in Springfield, IL:$880/mo
- Median rent:$810/mo
- Rent range:$450 – $1,950/mo
- Most common rental (2 bedrooms):$775/mo
- Active listings:480
- Avg days to lease:40 days
- Year-over-year change:+2.0%
- Median home value:$140,000
- Est. gross annual yield:7.5%
- Data as of:2026-06
Rent by Bedroom in Springfield, IL
Average monthly rent for each bedroom type based on current active listings in Springfield.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $625/mo |
2 Bedrooms | $775/mo |
3 Bedrooms | $975/mo |
4 Bedrooms | $1,225/mo |
5 Bedrooms | $1,400/mo |
Springfield Rental Market Statistics
Key indicators from the current Springfield, IL rental market.
480
Available now in Springfield
40
From list to lease
$0.73
Average across listings
1,200 sq ft
Typical rental size
$450 – $1,950
Min to max active listings
+2.0%
Avg rent vs. prior year
Investing in Springfield, IL Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$140,000
Typical purchase price in Springfield
Est. Gross Annual Yield
7.5%
Before expenses & vacancy
Avg Monthly Income
$880
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Springfield for a full cash-flow breakdown including all costs.
Springfield, IL Rental Market FAQ
Common questions about renting and investing in Springfield, IL.
What is the average rent in Springfield, IL?
The average rent in Springfield, IL is $880 per month as of 2026. One-bedroom apartments average $625/mo, two-bedrooms $775/mo, and three-bedroom homes $975/mo — among the most affordable rents in the state.
Is Springfield, IL a good place to invest in rental property?
Springfield offers an estimated 7.5% gross annual yield with very low acquisition costs (median home ~$140,000). State government employment provides a recession-resistant tenant base. The market is best suited for investors who value stability and low entry cost over rapid appreciation.
How competitive is the Springfield, IL rental market?
Springfield averages 40 days on market with approximately 480 active listings. The market is not highly competitive — tenants have ample choices, making property condition and pricing accuracy critical for minimizing vacancy. State government hiring cycles can create seasonal demand spikes.
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