Kansas City Q1 Multifamily Market Report: Vacancy Ticks Lower, Rents Rise to Start 2019

Highlights:

  • The Kansas City apartment market began 2019 on an upswing, with vacancy tightening, rents rising, and property sales prices pushing higher.
  • Vacancy dipped 10 basis points during the first quarter, reaching 4.9 percent. Despite the modest decline, the rate is up 50 basis points compared to one year ago.
  • Asking rents reached $934 per month in the first quarter, 4.5 percent higher than one year earlier.
  • Quarterly sales velocity was consistent throughout 2018, and transaction counts in the first quarter of this year matched levels from prior periods. The median price pushed up to approximately $120,500 per unit in the first quarter, with cap rates averaging 5.6 percent.

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