Kansas City Q2 Market Report: Vacancy Holding Steady, Supporting Ongoing Rent Gains
Highlights:
- Despite some extreme economic volatility, the Kansas City multifamily market recorded stable performance in the first half of this year. The vacancy rate ticked lower, while rents rose modestly.
- Local vacancy ended the second quarter at 4.4 percent, down 10 basis points year to date, and 30 basis points lower than the rate one year ago.
- Rents in Kansas City inched higher in both the first and second quarters. Asking rents ended the first half at $975 per month, up 3 percent year over year.
- Sales of apartment properties slowed during the first half of this year, mirroring trends recorded across the industry. In deals that have sold, the median price was $79,900 per unit, while cap rates averaged approximately 5.3 percent.
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