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Market Report

Kansas City Multifamily Market

3Q 2023

Top-Tier Assets in Affluent Suburbs Exhibit
Resilience to Mounting Supply Headwinds

Class A properties aided by high homeownership costs. Over the last year, Kansas City vacancy has risen from record lows. Despite an 80-basis-point uptick in the rate from the end of 2019, total occupied stock will reach a record high point in 2023. New inventory has placed upward pressure on vacancy, but renter demand is situated to continue growing. Among major Midwest markets, Kansas City had the third-largest affordability gap, or difference between the average Class A effective rent and the typical monthly mortgage payment on a median-priced home. As the cost of homeownership stays high, current renters may opt to stay put for longer, supporting new supply. In June, Class A vacancy was at 5.4 percent, roughly in-line with the segment’s long-term average, and equal to the Class C metric.

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