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Market Report

Kansas City Multifamily Market

2Q 2023

Kansas City Rentals Poised to Benefit From
Incoming International Trade Traffic

Net absorption stays positive, but new builds are outpacing. Tightening consumer budgets and an active construction pipeline will create obstacles for occupancy this year. The first quarter of 2023 already noted the highest year-over-year vacancy increase since 2002. Over 1,400 units coming online in the opening three months pushed up Kansas City’s available unit count. Notably, however, net absorption will remain positive in 2023, with more units becoming newly occupied than relinquished for the 22nd straight year. Renter demand stems from sustained population growth and low unemployment.

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