- Conditions improved in the Kansas City multifamily market during the third quarter. The vacancy rate tightened and the pace of rent growth accelerated, while apartment development ticked higher after a slower ﬁrst half of the year.
- Vacancy fell 10 basis points during the third quarter, reaching 4.6 percent. The rate has improved in each of the ﬁrst three quarters of 2019.
- Asking rents ticked up 1.4 percent to $957 per month in the third quarter; year over year, rents are up 4 percent.
- Sales velocity accelerated during the third quarter, and transaction activity thus far in 2019 is up considerably from last year’s pace. The median price in sales year to date is approximately $100,600 per unit, while cap rates have averaged 5.5 percent.