Kansas City 4Q23 Multifamily Market Insights report: Steady rent increases recorded in 2023, likely in 2024

Highlights

  • Despite a modest vacancy uptick at the end of the year, the Kansas City multifamily market posted a healthy performance in 2023. Construction has been above the region’s long-term trend but has been consistent in each of the past two years.
  • Vacancy conditions softened in the final months of the year after improving in the preceding two quarters. The vacancy rate rose 40 basis points in the last three months and ended the year at 5.5%.
  • Asking rents rose 1.6% in the fourth quarter to $1,190 per month. Area rents advanced 2.7% in 2023, following steeper increases in the previous two years.
  • Transaction volume in the Kansas City multifamily market was light in 2023, with the steepest activity declines recorded in the Class A segment. Total sales velocity was trimmed approximately in half from 2022 to 2023, and the median price during the past 12 months was $128,600 per unit.

Read the report, or engage with the Kansas City office to learn more.