Kansas City Q1 Multifamily Market Report: Sales Activity Concentrated in Class C Properties to Start 2021
Highlights:
- The Kansas City multifamily market got off to a bit of a slower start to 2021. Rents rose, but vacancy also trended higher. The recovery in the labor market continued, but gains were recorded at a slower pace than at the end of last year.
- Vacancy rose during the first quarter, reaching 5.2 percent. The current rate is up 30 basis points year to date, and 80 basis points higher than one year ago.
- Asking rents advanced during the first quarter and have gained ground during the past year. Rents are up 2 percent year over year, reaching $992 per month in the first quarter.
- Sales activity in the first quarter of this year was similar to transaction levels from the same period in 2020. The median price in sales during the first quarter was approximately $60,400 per unit, while cap rates compressed to an average of 4.7 percent.
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