Rent Tracker
Rent Inflation in Springfield, IL
The average asking rent in Springfield, IL is $1,197/month as of 2026-08. That is +2.9% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,197/mo
as of 2026-08
Year-over-Year Change
+2.9%
24-Month Rent Trend
Monthly ZORI index values for Springfield, IL.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-08 | $1,197 | -0.17% |
| 2026-07 | $1,199 | -0.42% |
| 2026-06 | $1,204 | -0.50% |
| 2026-05 | $1,210 | -0.17% |
| 2026-04 | $1,212 | +1.85% |
| 2026-03 | $1,190 | +1.71% |
| 2026-02 | $1,170 | +1.56% |
| 2026-01 | $1,152 | -0.43% |
| 2025-12 | $1,157 | -0.09% |
| 2025-11 | $1,158 | -0.52% |
| 2025-10 | $1,164 | +0.17% |
| 2025-09 | $1,162 | -0.09% |
| 2025-08 | $1,163 | +0.52% |
| 2025-07 | $1,157 | +1.22% |
| 2025-06 | $1,143 | +0.88% |
| 2025-05 | $1,133 | -0.09% |
| 2025-04 | $1,134 | +1.07% |
| 2025-03 | $1,122 | +0.54% |
| 2025-02 | $1,116 | +1.64% |
| 2025-01 | $1,098 | -0.99% |
| 2024-12 | $1,109 | +0.00% |
| 2024-11 | $1,109 | +0.00% |
| 2024-10 | $1,109 | +0.18% |
| 2024-09 | $1,107 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices