Kansas City Q2 Market Report: Construction Modest in the First Half but on Pace to Gain Momentum
Highlights:
- The Kansas City multifamily market posted another healthy period of performance during the second quarter. The vacancy rate dipped for the second straight quarter after rising during most of 2018.
- Vacancy dropped 20 basis points from the first quarter, falling to 4.7 percent. The current vacancy figure is 10 basis points higher than the rate from one year ago.
- Rents rose during the past three months. Asking rents ticked up to $944 per month at midyear, up 3.9 percent year over year.
- Sales of multifamily properties have been continuing at a fairly steady pace thus far in 2019. The median price in sales that have closed year to date is $100,200 per unit, up 27 percent from 2018. Cap rates have averaged 5.4 percent.
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