Last year saw an eye-popping influx of apartment complex deliveries around the Kansas City metro area, though analysts believe this multifamily wave has crested, with more modest growth forecasted in 2021.
A total of 5,938 multifamily units from 31 projects came online throughout the Kansas City market in 2020, according to a report [PDF] from NorthMarq’s multifamily investment sales team.
That figure — equaling 4.1% growth of the area’s existing apartment inventory — outstrips multifamily deliveries dating back to at least 2014, per NorthMarq’s data. The next highest year for deliveries, 2016, saw 4,141 new local units.
Looking ahead to 2021, the Minneapolis-based company projects less overall inventory growth, at 2.8%. Even so, representatives noted, the lower percentage does not signify a slowdown in the metro’s multifamily market, and still compares favorably to historic averages.