Springfield, MA Bucks U.S. Apartment Occupancy Trend
Apartment occupancy in Springfield, MA bucked the national trend in November, as the market maintained solid ground. In November 2022, occupancy in Springfield landed at 98.6%, one of the healthiest showings nationwide and 350 basis points (bps) above the U.S. average, according to data from RealPage Market Analytics. Springfield occupancy also outpaced the market’s five-year norm (97.9%). In juxtaposition to that, occupancy across the U.S. fell below the five-year norm at 95.1%, due in part to weak demand for new leases. While Springfield’s November occupancy rate was 40 bps below the November 2021 rate, that was a solid performance compared to the loss of 240 bps in the U.S. overall. Buoyed by strong demand and occupancy, Springfield’s operators realized solid rent increases, pushing rates 7.6% year-over-year. As of November, average monthly rent in Springfield, MA sat at $1,609, fairly reasonable in comparison to region cohorts like Hartford and New Haven. The small market with just 46,322 existing units is located in western Massachusetts along the Connecticut River and is home to four college campuses and satellite campuses. The city is a Knowledge Corridor affiliate, an interstate partnership for regional economic development encompassing north-central Connecticut and the southern Connecticut River Valley in western Massachusetts.