Kansas City 3Q23 Multifamily Market Insights Report: Vacancy dips, even as new units continue to come online

Highlights:

• The Kansas City multifamily market posted a solid third quarter, as the vacancy rate continued to trend lower while asking rents inched higher. Developers have been active, bringing roughly 3,100 units online year to date.
• The vacancy rate declined by 20 basis points for the second consecutive quarter. Area vacancy currently sits at 5.1%, unchanged from one year ago.
• Asking rents ticked higher by 0.5% during the third quarter, reaching $1,171 per month. Local rents advanced 2.8% from one year ago.
• Multifamily sales activity was light in recent months, lagging levels from the first half of the year. Transaction volume to this point in 2023 is down 45% from levels recorded last year. The median price to this point in 2023 is $113,500 per unit.

Read the report, or engage with our Kansas City office to learn more.