MARKET SNAPSHOT

Springfield, MO
q1 2025

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AVERAGE RENT

$976 Q1 2025

OCCUPANCY RATE

95.3% Q1 2025

QUARTERLY NET ABSORPTION

167 Q1 2025

ANNUAL RENT CHANGE

3.8% Q1 2025

ANNUAL OCCUPANCY CHANGE

-60 BPS Q1 2025

QUARTERLY COMPLETIONS

106 Q1 2025

KEY TAKEAWAYS

Annual absorption remains around 20% above the market’s five-year average, with quarterly absorption exceeding post-pandemic norms and outpacing deliveries by nearly 60%, highlighting Springfield’s strong renter demand.

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Construction activity has slowed sharply, with deliveries down 56% year-over-year and the under construction inventory at just 1.1% of total existing stock—well below national and historical averages—setting the stage for further occupancy tightening.

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Annual rent growth surged to 3.6%—up 110 basis points annually—while Springfield remains more affordable than most regional peer markets, supporting ongoing renter interest.

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MARKET OUTLOOK

The Springfield multifamily market is positioned for continued strength through the remainder of 2025 and into 2026. Strong and consistent renter demand, combined with a sharp slowdown in new deliveries, is expected to further tighten supply-demand fundamentals...