Springfield, Michigan Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Springfield, Michigan rental market.
Springfield, Michigan
Average Apartment Rent
$1,019
Y-o-Y Change in Average
Apartment Rent
3.9%
As of November 2024
Compared to a year ago, Springfield, Michigan apartments have recorded a 3.9% rent increase.
Springfield, Michigan Average apartment rent trend
Springfield, Michigan Average Apartment Rent
Springfield, Michigan Apartment rent ranges
At 54.74%, apartments priced $700 - $1000 represent the bulk of Springfield, Michigan rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 2.61%.
Springfield, Michigan Housing tenure**
Renters take up 50% of Springfield, Michigan real estate, occupying a total of 1,121 units, while homeowners live in 1,114 properties.
Median number of rooms of renter-occupied housing units**
3.8
Renter median household income**
$29,566
Average household size of renter-occupied housing units**
2.27
Rental vacancy rate**
12.5%
Springfield, Michigan Renter-occupied housing units by no. of bedrooms**
There are 476 rentals in Springfield, Michigan with 1 bed making up the highest share of the market, at 42%. Units with No bedrooms, on the other hand, hold the lowest percentage (2%), amounting to 28 units. Overall, the median number of rooms in Springfield, Michigan homes for rent is 3.8.
Springfield, Michigan Renter-occupied units by age of householder**
Most condos for rent in Springfield, Michigan are occupied by residents in the 25 - 34 years age group (35%), followed by those in the 15 - 24 years age group (17%). At the same time, people in the 45 - 54 years age group make up the lowest share of the local rental market – 2%.
Springfield, Michigan Renter-occupied housing units by family type**
Springfield, Michigan Renter-occupied housing units by the presence of own children**
A total of 487 apartments for rent in Springfield, Michigan, or 43% of all rentals are family households. Additionally, 30% of rental homes include children under the age of 18 – that’s 331 units. All in all, the median size of a renter-occupied household in Springfield, Michigan is 2.27.
Springfield, Michigan Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 2% of the rental market. In contrast, residents with less than a high school degree reside in 18% of the homes for rent in Springfield, Michigan.
Springfield, Michigan Renter-occupied units by year structure built**
The highest share of Springfield, Michigan apartment rentals, namely 38% or 429 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (18%, 204 units), and the ones Built 1950 - 1959 (10%, 111 units).
Springfield, Michigan Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Springfield, Michigan renters (43%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Springfield, Michigan condos for rent is 2018.
Springfield, Michigan Renter-occupied housing units by vehicles available**
When it comes to transportation options, 69% of Springfield, Michigan renters have 1 vehicle available per household, 22% of them have 2 vehicles available, and 8% have No vehicle available.
Springfield, Michigan Means of transportation to work of householders living in renter-occupied housing units**
Springfield, Michigan Geographical mobility in the past year for householders living in renter-occupied housing units**
Springfield, Michigan Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Springfield, Michigan apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
