Updated 2026 · Based on median market data for Springfield, IL
The median monthly rent in Springfield, IL is $920, translating to $11,040 in annual gross rental income per unit. The rent-to-price ratio is 0.68% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Springfield spend approximately 21% of the local median household income ($52,400) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. Tenants can afford to pay more, which is bullish for landlords.
The vacancy rate in Springfield is 6.5%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.1% annually provides stable demand.
Springfield's GRM (price divided by annual rent) is 12.2x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $920/mo, a single-family rental in Springfield generates approximately $11,040 in gross annual income. After accounting for 6.5% vacancy ($718 lost), property taxes of $2,808, insurance (~$540), and maintenance (~$540), the estimated NOI is $6,434 per year, or $536/mo.