Springfield, Missouri Short-Term Rental Market Analysis
The short-term rental (STR) market in Springfield, Missouri, showcases a total of 711 listings, with an average daily rate (ADR) of $144.47 and an occupancy rate of 56.66%. One standout metric is the average monthly revenue per property, reported at $1,936.50, indicating a steady income potential for investors in a diverse and historically rich area.
Springfield, Missouri Short-Term Rental Market Overview
Visitor Profile
Springfield, Missouri, is a vibrant destination that attracts approximately 3 million visitors annually, contributing significantly to the local economy. The visitor demographic is diverse, with families making up about 40% of the total, while millennials account for roughly 30%. The primary reasons for visiting include outdoor recreation, cultural attractions, and family-friendly events, which highlight the city’s appeal to a broad audience. The economic impact of tourism in Springfield is substantial, with visitor spending supporting local businesses and creating jobs. According to the Springfield Convention & Visitors Bureau, tourism generates over $500 million in economic impact each year, underscoring the importance of this sector to the local economy.
In terms of visitor statistics, Springfield sees a steady influx of tourists year-round, with peak seasons occurring in the summer and during major local events. The average length of stay for visitors is approximately 2.5 days, allowing ample time to explore attractions such as the Fantastic Caverns and the Dickerson Park Zoo. The primary demographics of visitors include families, couples, and groups of friends, with a notable interest in outdoor activities and cultural experiences. The Springfield tourism statistics indicate that outdoor recreation, including hiking and fishing, is a significant draw, while cultural venues like the Springfield Art Museum and the History Museum on the Square attract many visitors. According to the Springfield Convention & Visitors Bureau, the city continues to enhance its offerings to cater to evolving visitor preferences, making it a dynamic destination for both leisure and business travel. For more detailed information, visit the Springfield Convention & Visitors Bureau at https://www.springfieldmo.gov/visitors.
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Top Attractions
Springfield, Missouri, often referred to as the “Queen City of the Ozarks,” offers a delightful mix of attractions that cater to a variety of interests. Visitors can explore the rich history of the area, enjoy outdoor adventures, and immerse themselves in cultural experiences. Notable highlights include the fantastic Wonders of Wildlife National Museum and Aquarium, the historic Route 66, and the engaging Springfield Art Museum. Each of these attractions provides a unique glimpse into the charm and character of Springfield, making it an ideal destination for families, history buffs, and nature lovers alike. Whether you’re looking for a fun day out or a deeper exploration of the region’s heritage, Springfield attractions promise something for everyone.
One of the premier attractions in Springfield is the Wonders of Wildlife National Museum and Aquarium, which features a stunning array of exhibits showcasing wildlife from around the globe. This immersive experience includes both freshwater and saltwater exhibits, making it a must-visit for families and animal enthusiasts. For more information, visit their official website at https://wondersofwildlife.org. Another highlight is the Springfield Art Museum, where visitors can enjoy a diverse collection of American art, including contemporary pieces and regional works. The museum frequently hosts educational programs and exhibitions, making it a cultural hub in the city. Check their offerings at https://springfieldmo.gov/artmuseum. Lastly, the historic Route 66, known as the “Mother Road,” runs through Springfield and is perfect for those interested in Americana. Travelers can explore vintage diners, quirky roadside attractions, and the rich history tied to this iconic highway. For more details on Springfield attractions, the official visitor guide at https://www.springfieldmo.gov provides comprehensive information to help plan your visit.
Regulations
Springfield, Missouri, has established specific regulations for short-term rentals to ensure safety, compliance, and community integrity. Property owners looking to operate short-term rentals must navigate a series of requirements, including obtaining a business license and adhering to local zoning laws. The city mandates that short-term rental operators collect a lodging tax, which is currently set at 5.5%. Additionally, there are safety standards in place to protect guests and neighbors alike. Understanding these regulations is essential for property owners to avoid penalties and ensure a smooth rental experience. For those interested in the specifics of Springfield short-term rental regulations, further details are available through official city resources.
To operate a short-term rental in Springfield, property owners must first secure a business license from the City of Springfield, which includes completing an application process. The city enforces zoning restrictions that dictate where short-term rentals can operate, ensuring they are compatible with residential neighborhoods. Additionally, property owners are required to collect a 5.5% lodging tax from guests, which must be remitted to the city on a regular basis. Safety requirements, while not explicitly detailed in the city’s regulations, generally include maintaining a safe environment for guests. Failure to comply with these regulations can result in fines and potential revocation of the business license. For more information on the specific requirements and to access the necessary forms, visit the City of Springfield’s official website at https://www.springfieldmo.gov/shorttermrentals. You can also review the municipal code for detailed regulations at https://library.municode.com/mo/springfield/codes/code_of_ordinances.
Vacation Rental Market Overview for Springfield
Springfield attracts visitors with its outdoor recreation and natural beauty and adventure sports and activities. The short-term rental market here serves diverse traveler demographics, from business professionals to family vacationers.
This destination’s rental market offers unique opportunities for property investors, with comprehensive data revealing seasonal patterns and demand drivers.
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Springfield, Missouri Market Performance Trends
Short-Term Rental Market Performance Analysis for Springfield
The short-term rental market in Springfield demonstrates dynamic pricing patterns and occupancy trends that savvy property investors and managers monitor closely. This comprehensive 12-month analysis reveals seasonal variations and revenue optimization opportunities.
Market Trend Summary
Current market indicators show: strong seasonal variation with peak summer demand
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Springfield, Missouri Rental Market Insights
10-Year Market Growth
Booking Activity
- 1-3 Months:59.7% Booked
- 4-6 Months:59.1% Booked
- 7-9 Months:48.7% Booked
- 10-12 Months:9.2% Booked
Cancellation Policies
- Flexible:35.4%
- Moderate:26.1%
- Strict:37.9%
- Super Strict:37.9%
- N/A:0.6%
Minimum Stay
- 1 Day:321
- 2 Days:104
- 3 Days:52
- 4-6 Days:29
- 7-29 Days:39
- 30+ Days:61
Short-Term Rental Regulations and Booking Patterns in Springfield
Springfield vacation rental operators navigate specific local regulations and booking patterns that shape market dynamics. Understanding minimum stay requirements, cancellation policies, and booking windows is essential for successful property management.
Market analysis reveals flexible booking policies attracting last-minute travelers. These insights help property managers optimize their listing strategies and maximize occupancy.
Local regulations and platform policies influence rental operations. StaySTRA provides comprehensive policy tracking and compliance insights.
Springfield, Missouri Housing Market Data
Home Value Trends
Market Overview
- Typical Home Value:$236,943
- Median Sale Price:$250,166
- Median List Price:$265,933
Current Inventory
- Homes For Sale:975
- New Listings:360
Detailed Market Analysis
Real Estate Market Analysis for Springfield, Missouri
The residential real estate market in Springfield, Missouri presents unique opportunities for investors and homebuyers alike. Current market dynamics show affordable housing options with growth potential with inventory levels and pricing trends that reflect broader economic conditions and local demand factors.
Key Market Factors
Important considerations for this market include: growing population trends, economic development, and lifestyle amenities These factors contribute to the overall market performance and future growth potential.
Real estate investments in Springfield, Missouri benefit from consistent market appreciation and strong resale values. Prospective buyers and investors should consider both current market conditions and long-term growth indicators when evaluating opportunities in this market.
Springfield, Missouri Rental Market Composition
Entire Place by Beds
Common Rental Amenities
Vacation Rental Property Types in Springfield
The vacation rental market in Springfield features a diverse mix of property types, from cozy studios to spacious family homes. Understanding the property composition helps investors identify market gaps and opportunities.
Market characteristics include a balanced mix of entire homes and private rooms. This distribution reflects local demand patterns and traveler preferences.
Premium amenities and guest ratings play a crucial role in rental performance, with data showing clear correlations between specific features and booking rates.
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Related Short-Term Rental Markets
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Table of Contents
- Market Overview
- Key Performance Indicators
- 10-Year Growth Analysis
- Investment Potential & ROI
- Seasonal Market Patterns
- Property Type Performance
- Guest Preferences & Amenities
- Regulatory Environment
- Neighborhood Analysis
- Market Outlook & Trends
- Frequently Asked Questions
Market Overview
Springfield, home to approximately 169,176 residents, serves as a significant hub for both local and visiting populations, welcoming around 1.8 million annual visitors. The STR market here presents a mix of opportunities and challenges, with performance metrics that reflect both local demand and broader economic conditions.
- Total STRs: 711
- Average Daily Rate (ADR): $144.47
- Occupancy Rate: 56.66%
- Average Monthly Revenue per Property: $1,936.50
Compared to state and national averages, Springfield's ADR is competitive, although its occupancy rate trails behind the national average of around 63%. This points to both opportunities for growth and the need for strategic marketing and property management.
Unique characteristics of the Springfield STR market include its connection to historic Route 66 and a diverse visitor base interested in cultural and outdoor experiences. However, the market also faces potential saturation, as the number of listings has increased steadily over the past few years, raising concerns about long-term occupancy rates.
Key Performance Indicators
A detailed analysis of Springfield's STR market reveals several key performance indicators (KPIs) that investors should consider:
- Average Daily Rate (ADR): $144.47
- Occupancy Rate: 56.66%
- Average Monthly Revenue per Property: $1,936.50
- Revenue per Available Room (RevPAR): Approximately $81.79
- Rental Demand Score: 66.75
Occupancy Trends
The occupancy rate of 56.66% indicates room for improvement. This figure suggests that while there is demand, it fluctuates significantly by season, requiring owners to strategize around peak times and potential off-peak reductions in price.
Revenue per Property Analysis
Average monthly revenue per property is a critical metric, providing realistic expectations for cash flow. At $1,936.50, this figure can vary based on property type, location, and marketing effectiveness. Investors can expect variability in income, especially during seasonal shifts.
Rental Demand Score Interpretation
The rental demand score of 66.75 reflects a moderate level of interest in STRs, yet it is essential for property owners to enhance their listings with unique amenities and marketing strategies to achieve higher occupancy rates.
10-Year Growth Analysis
Over the past decade, Springfield's STR market has shown fluctuations, with notable inflection points in listing growth and performance metrics:
- 2015: 39 listings
- 2025 Q1: 711 listings
- CAGR (Compound Annual Growth Rate): Approximately 40.1%
While the growth rate appears strong, it must be tempered with the understanding of market saturation risks. The influx of new listings can lead to fierce competition, potentially pushing down occupancy rates and ADRs.
Growth Inflection Points:
- Economic recovery post-COVID-19 has seen a resurgence in travel.
- Increased marketing efforts by the city to promote tourism.
- The rise of remote work has encouraged longer stays in the area.
When comparing Springfield to other markets in Missouri, it remains competitive but must address the risk of oversupply as more investors enter the market.
Investment Potential & ROI
For investors considering properties in Springfield, the potential for return on investment (ROI) should be assessed alongside local property values and market dynamics:
Realistic ROI Calculation
With the average home value reported at around $240,670, and an average monthly revenue of $1,936.50, investors can anticipate an ROI of approximately 9.6% per year, assuming operational costs are managed effectively.
Performance by Property Type
- Entire Place: Higher average revenue, typically favored by families or larger groups.
- Private Rooms: Lower revenue but can yield consistent occupancy, appealing to budget travelers.
Cash Flow Projections
Investors should conduct thorough cash flow analyses based on property type, location, and market conditions. While short-term rentals can yield high returns, they also come with operational costs that must be carefully managed.
Comparison to Traditional Rental Yields
While traditional long-term rentals may offer stability, the STR market provides the potential for higher income; however, it comes with increased management responsibilities and market volatility.
Seasonal Market Patterns
Understanding seasonal trends in Springfield is crucial for optimizing rental strategies:
Monthly Performance Variations
- Peak Season: May through August sees an increase in occupancy, often exceeding 70%.
- Shoulder Periods: September and April typically experience lower occupancy, ranging from 50% to 60%.
Seasonal Revenue Differences
Investors can expect revenue spikes during summer festivals and local events but should prepare for downturns during winter months.
Booking Strategy Recommendations
- Discounts during Off-Peak Months: Attract guests with competitive pricing.
- Targeted Marketing for Events: Align marketing efforts with local festivals and conventions to maximize occupancy.
Property Type Performance
An analysis of property types reveals significant variations in performance:
Distribution by Bedroom Count
- 0 Bedrooms: 16 listings
- 1 Bedroom: 92 listings
- 2 Bedrooms: 192 listings
- 3 Bedrooms: 145 listings
- 4 Bedrooms: 36 listings
- 5+ Bedrooms: 21 listings
Performance Metrics by Property Size
- Entire Place vs. Private Room: Entire place listings generate higher revenue but may have lower occupancy rates compared to private rooms, which appeal to solo travelers and budget-conscious guests.
Evidence-Based Configuration Recommendations
Investors should consider the demand for two- and three-bedroom properties, as these tend to balance family accommodation needs with revenue potential, particularly during peak seasons.
Guest Preferences & Amenities
Analyzing guest preferences can significantly enhance property appeal:
Impact of Amenities on Pricing
- Must-Have Amenities: Wi-Fi, air conditioning, and parking are critical.
- Nice-to-Have Amenities: Pools and hot tubs can boost attractiveness but require higher maintenance.
Guest Ratings Insights
Recent guest reviews indicate high satisfaction rates:
- Overall Rating: 4.66/5
- Cleanliness: 4.73/5
Cost-Benefit Analysis of Amenity Investments
Investors should weigh the costs of adding amenities against expected increases in ADR and occupancy. Focusing on essential amenities can yield better returns than investing heavily in luxury features that may not be prioritized by guests.
Regulatory Environment
Understanding the local regulatory framework is vital for compliance and operational success:
Current Regulations Summary
Short-term rentals in Springfield must adhere to the following:
- Licensing and Permits: Necessary for legal operation.
- Primary Residence Requirements: Short-term rentals often need to be the host's primary residence.
- Zoning Laws: Dictate where STRs can operate within the city.
- Occupancy Limits: Established to ensure guest safety.
For further details, consult the City of Springfield's Official Short-Term Rental Regulations.
Compliance Tips
- Stay updated on regulatory changes.
- Ensure proper licensing is secured before listing.
- Maintain good communication with local authorities to navigate any changes.
Neighborhood Analysis
Investors should consider neighborhood dynamics when evaluating STR potential:
Top Performing Areas
- Downtown Springfield: High demand due to proximity to attractions and events.
- Historic Route 66: Offers unique experiences that attract tourists.
Proximity to Attractions
Key attractions include:
- Dickerson Park Zoo
- Missouri Sports Hall of Fame
- Local dining and shopping options that enhance guest experiences.
Emerging Neighborhoods to Watch
Areas undergoing revitalization may offer growth potential as new businesses and attractions emerge, increasing visitor interest.
Market Outlook & Trends
Looking ahead, Springfield's STR market presents both challenges and opportunities:
Future Growth Projections
Given current trends, moderate growth is expected, particularly as tourism rebounds. Increased investment in local infrastructure may further enhance market appeal.
Local Economic Developments
Ongoing economic developments and community events will impact visitor numbers and STR demand, making it essential for investors to stay informed and responsive.
Emerging Market Opportunities
Investors should monitor demographic shifts, including the rise of remote work, which can lead to longer stays and increased demand for flexible rental options.
Risk Factors to Consider
- Potential oversupply of listings leading to increased competition.
- Economic downturns affecting travel patterns.
Frequently Asked Questions
What is the average ROI for STRs in Springfield?
- Investors can expect an ROI of approximately 9.6%, depending on property management efficiency.
When is the best time to visit Springfield?
- Peak tourist seasons are from May to August, coinciding with local festivals and events.
What are the STR regulations in Springfield?
- STRs must comply with local licensing, zoning, and occupancy regulations. For detailed information, visit the City Regulations.
Which property type performs best?
- Two- and three-bedroom entire place listings typically achieve higher revenue and occupancy rates.
How does Springfield compare to other Missouri markets?
- Springfield presents competitive ADRs but faces challenges from an increasing number of listings, necessitating strategic management.
This comprehensive analysis provides potential investors with the necessary insights to navigate the STR market in Springfield, Missouri, ensuring informed decision-making and strategic investment planning.
