Sell Your Commercial Property In Springfield, MA

Who rents in Springfield

Renters occupy 50.4% of Springfield's occupied homes, or 29,093 of 57,772 households, per Census ACS 2020-2024 table B25003. Hampden County as a whole is 37.8% renter under the county table. Springfield alone holds 41.7% of the county's renter households.

Springfield's median household income is $52,656 under ACS 2020-2024. Hampden County's median is $71,306 and the Massachusetts median is $103,960. Springfield's figure is 73.8% of the county's and 50.7% of the state's.

Health care anchors the job base. Educational services, health care and social assistance employ 20,907 Springfield residents, 33.0% of employed residents, per ACS profile table DP03. Baystate Health reports a workforce of nearly 13,000 across five hospitals, with Baystate Medical Center on Chestnut Street in Springfield. The same page describes a proposed transition of Mercy Medical Center and its affiliated entities to Baystate Health.

Rents and affordability in Springfield

Springfield's median gross rent is $1,144 a month under ACS 2020-2024. The Massachusetts median is $1,762 per the statewide table, a $618 gap. Boston's median is $2,147 under the same survey, so Springfield rents run at 53.3% of Boston's.

HUD's rents sit well above the city median. Under HUD's FY2027 fair market rents, the Springfield, MA MSA two-bedroom FMR is $1,800. That is $656, or 57.3%, above Springfield's median gross rent.

Neighboring markets price at the same level. Chicopee's median gross rent is $1,157 under ACS 2020-2024, and West Springfield's is $1,144 per the same table. Chicopee is 44.3% renter and West Springfield is 41.5%, both below Springfield's 50.4%.

Low rents do not mean easy rents. Some 53.6% of Springfield renter households pay 30% or more of income on rent, per ACS table B25070. Another 31.6% pay half or more of income.

Apartment stock in Springfield

Springfield has 12,964 homes in buildings of five or more units, or 20.8% of its 62,217 housing units, per ACS table B25024. Hampden County is 18.1% on that measure under the county table. Springfield holds 36.2% of the county's 35,776 such homes.

Small multifamily dominates. Two- to four-unit buildings hold 17,260 Springfield homes, or 27.7% of the stock. Complexes of 50 or more units hold 5,037 homes, which is 38.9% of the five-plus total.

The housing is old. Some 82.6% of Springfield homes were built before 1980 under ACS table B25034, against 67.4% statewide. Springfield's median year built is 1952 per table B25035. Owners who sell commercial property in Springfield, MA should expect buyers to price roofs, boilers and older systems into every offer.

Rental vacancy is 3.0% in Springfield under ACS profile table DP04. Hampden County's rate is 3.7% on the same table.

Property taxes in Hampden County

Springfield's FY2026 residential rate is $15.46 per $1,000 of assessed value. The commercial, industrial and personal property rate is $34.35, per the Mayor and Board of Assessors' November 19, 2025 release. Those rates fell from $15.68 and $35.22 in FY2025. The same city release puts the average FY2026 single-family value at $275,200, up from $255,800.

Apartments fall on the residential side. General Laws chapter 59, section 2A puts property held for human habitation with one or more dwelling units in class one, residential. The Department of Revenue classification codes list apartments of four to eight units (111) and more than eight units (112) under residential. Anyone selling commercial property in Springfield should know buyers price the $15.46 rate, not the $34.35 one.

Here is a worked example for a $2,000,000 apartment building assessed at that value.

• Residential tax: $2,000,000 / 1,000 x $15.46 = $30,920.
• Community Preservation Act surcharge of up to 1.5% of that tax: $463.80.
• Total of up to $31,383.80, or about 1.569% of value.
• Same value at the $34.35 commercial rate: $68,700.
• State deed excise at $2 per $500 under chapter 64D, section 1: $8,000.

Springfield adopted its 1.5% CPA surcharge on November 8, 2016. Tax bills go out quarterly, and abatement applications are due by February 1, per the Assessors' real estate FAQ. Owners who want to sell commercial real estate in Springfield, MA should also expect the assessors to use the income approach on rental property.

Springfield bills the owner of record as of January 1. The Assessors' FAQ says the seller's share of tax is set at closing and is typically deducted from the price. After closing, the buyer pays each bill as it comes due.

Landlord rules in Springfield

Massachusetts caps a security deposit at one month's rent. Chapter 186, section 15B requires return within 30 days after the tenancy ends. The deposit must sit in a separate, interest-bearing Massachusetts bank account. A landlord who fails to comply can owe three times the deposit.

Nonpayment of rent under a written lease allows a 14-day written notice to quit, per chapter 186, section 11. A tenancy at will ends on notice equal to the rent interval or 30 days, whichever is longer, under section 12.

Rent control does not apply in Springfield. Chapter 40P sets a statewide policy that broadly prohibits any regulatory scheme based on rent control.

What it means for an owner

Springfield pairs a 50.4% renter share with a 3.0% rental vacancy rate. Rents sit $656 under the HUD two-bedroom FMR, a gap that matters on voucher-eligible units. Taxes are the main cost to watch, at about 1.569% of value in the example above. Larger buildings are scarcer, since two- to four-unit buildings hold 27.7% of Springfield homes.

Before you sell your apartment building in Springfield, pull your rent roll, the FY2026 bill and a list of capital work. Buyers will compare your rents with the $1,800 two-bedroom FMR and price repairs on a 1952 median building.

Check your numbers with our cap rate calculator, then see how we buy 5+ unit apartment buildings. If you plan to sell commercial property in Springfield, MA, we can talk through price and timing.