Springfield, IL

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

Performance indicators for the Springfield short-term rental market based on reliable data.

Listings

179 / 408

Reliable / Active

Cap Rate

15%

Middle-Earners Gross Yield

Revenue

$26,200

Middle-Earners Revenue

Occupancy

72%

Middle-Earners Occupancy

Home Value

$172,645

Median Home Sale Price

Top Earners

$48,976

Top-Earners Revenue

Springfield

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Springfield.

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B

Generally Investor friendly

Springfield Regulations

STRs are permitted with a clear, moderate licensing path (~$150–$250), a $1M insurance requirement, annual safety inspections, and a 10% block-level density cap; monthly tax filings add administrative burden but are predictable. The tone is supportive of compliant, professional operators, making compliance achievable and investment-friendly.

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About Springfield

Springfield is the capital of Illinois and the seat of Sangamon County, set in the heart of the state's central prairie region. With a population of roughly 115,000, it carries the unhurried pace of a Midwestern capital while still offering the cultural institutions, restaurants, and civic energy of a much larger city. Best known as the adopted hometown of Abraham Lincoln and as the political center of Illinois, Springfield also serves as a gateway to a surprisingly varied slice of central Illinois, from historic small towns to forested state parks. The city lies about 200 miles southwest of Chicago, a drive of roughly three and a half hours, and about 100 miles northeast of St. Louis, making it a natural stopping point for travelers moving between the two metros.

The city's marquee draw is the Abraham Lincoln Presidential Library and Museum, a modern complex in downtown Springfield that combines a research library with immersive exhibits tracing Lincoln's life and legacy. Just a short walk away sits the Lincoln Home National Historic Site, the only home Lincoln ever owned, preserved within a four-block neighborhood that has been restored to its mid-nineteenth-century appearance. Together, these two stops anchor most visitors' understanding of who Lincoln was before he left for the White House.

A few miles northwest of downtown, Lincoln's New Salem State Historic Site reconstructs the frontier village where Lincoln spent his young adulthood, about a half-hour drive from the city center. Reenactors in period dress demonstrate nineteenth-century trades in log cabins, offering a complementary look at the pioneer Illinois that shaped Lincoln's character. Closer in, the Dana-Thomas House, a Frank Lloyd Wright–designed residence, draws architecture enthusiasts with one of the largest collections of original Wright furniture and art glass anywhere in the country.

For outdoor recreation, Lake Springfield and the surrounding Lincoln Memorial Garden provide miles of wooded trails, lake views, and quiet spots for picnicking just minutes south of the capitol. The garden, a naturalistic woodland preserve along the lake's eastern shore, feels worlds away from downtown despite being a short drive from the central hotels and rental properties.

Springfield makes a compelling base for short-term rentals because it bundles genuine historical weight with approachable Midwestern hospitality. Visitors come primarily for Lincoln, but they tend to stay for the walkable downtown, the lake-side green space, and the easy day trips to nearby small towns and state parks. A well-located rental here can serve history-minded tourists in winter and spring, families attending the Illinois State Fair in summer, and road-trippers passing between Chicago and St. Louis throughout the year.

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