Kansas City Q4 Multifamily Market Report: Vacancy Improved in all Four Quarters of 2019


  • The Kansas City multifamily market closed 2019 with healthy conditions prevailing. Vacancy dipped throughout the year, fueled by continued renter demand and a slower pace of supply growth.
  • Vacancy dipped 10 basis points during the fourth quarter, ticking down to 4.5 percent. The rate improved in all four quarters of the year; vacancy fell a total of 50 basis points in 2019.
  • Asking rents rose 3.8 percent in 2019, ending the year at $964 per month.
  • Sales activity in 2019 outpaced levels from 2018, and prices rose. The median price reached approximately $100,500 per unit for the year, and cap rates have averaged 5.5 percent. Total transaction activity for the year topped $1 billion, the first time on record where sales exceeded that total.

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