In a report released this week, a national apartment search service said that Springfield was among 10 U.S. cities with the country's biggest monthly rent increases for apartments.
It's also among the 10 cities with the cheapest rents, according to the same report.
A one-bedroom apartment in Springfield now rents for an average of $648, a 2.15-percent increase over 2018, ADOBO said, using data from its online listings.
That 2.15 percent puts Springfield at No. 7 in the lineup of cities with the biggest monthly increases, just behind Rochester, New York, where the increase was 2.34 percent. (Average one-bedroom rent in the Northeastern city is $601.)
Detroit, Michigan clocked the biggest increase in the country in 2019, at 7.48 percent. The average one-bedroom there costs $886 per month, a level ADOBO deemed "affordable" in its report.
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While Springfield had some of the biggest rent increases, it also has the eighth-cheapest rents in the country, ADOBO said. The cheapest rent city in America is currently Toledo, Ohio, with a one-bedroom average cost of $517 per month.
All 10 of the cities on ADOBO's listing of cheapest-rent communities were experiencing price increases during the past year. A few of the top 10 cities for most expensive rents were seeing price drops.
The most expensive one-bedroom rents were in San Francisco, at an average of $3,877 per month. That city is losing residents, USA TODAY reported two months ago, "because it's too expensive for nearly everyone."
ADOBO attributed rent increases to the performance of the economy, demand for apartments by baby boomers and millennials, and rising inflation of prices and costs.
Even as rents rose in most states during 2019, ADOBO noted that home mortgage rates fell, a factor that "nudged" some renters toward homeownership.
Meanwhile, developers added at least 330,000 new rental units to the nation's housing stock. Mainstream economists say that increases in the supply of a good or service generally lead to moderated or lowered costs as the "invisible hand" of the market adjusts demand to meet supply levels.
In Springfield, the U.S. Census reported that 44.3 percent of occupied housing units are occupied by the homeowner, using data collected from 2014 to 2018, meaning that many Springfield residents rent their homes.
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Over the same time period, the census reported that monthly homeowner costs including mortgage were $946 in Springfield.
Springfield rental costs for all sizes of rental housing — not just the one-bedroom units measured by ADOBO — were an average of $730 per month from 2014 to 2018, according to the census. The government factored in costs like utilities along with "contract rent" to generate the average.
Springfield's median household income is $35,674 per year, with an average 2.11 persons per household, according to the census.
A hypothetical "average" Springfield household would thus have about $26,900 left over each year after paying monthly rent and utilities.
Previously, ADOBO reports rated Springfield a good city for those who work as salespeople and one of the cheapest college towns in the United States.
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January 02, 2020 at 11:00AM
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Report: Springfield apartment rents among USA's biggest monthly increases in 2019 - News-Leader
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