Steady Fundamentals, Divergent Signals
Multifamily momentum stayed on course in Kansas City through fall, with the average advertised asking rent up 0.1%, on a trailing three-month basis through October, to $1,343, according to the latest Kansas City multifamily market report. The figure outperformed the U.S. rate, which slid 0.2% to $1,743. Year-over-year, the metro’s rents rose 2.4%, ranking fifth among Yardi Matrix’s top 30 markets. Occupancy in stabilized assets inched up 10 basis points, to 94.8% as of September, a sign of healthy absorption amid strong supply.
Employment growth remained tepid, at 0.1% through August, while the U.S. rate stood at 0.8%, as per the latest U.S. multifamily market report. Kansas City lost 1,000 net jobs over 12 months. Several sectors recorded steady gains through August, including education and health services (5,100 jobs), mining, logging and construction (3,700) and financial activities (2,600). Professional and business services (-9,500) and trade, transportation and utilities (-4,400) posted the steepest declines. Unemployment was 4.3% in August, equal to the U.S. rate and trailing both Kansas (3.8%) and Missouri (4.1%). Several projects were completed in 2025, including the KC Streetcar Main Street Extension project, Meta’s $1 billion Northland data center and Panasonic’s battery plant in De Soto.
Developers delivered 2,870 units in 2025 through October and had another 9,255 underway. Amid softening deliveries, new construction inched up. Investment reached $747 million through October, with the average price per unit down 12.6% year-to-date.
Read the full Yardi Matrix Kansas City Multifamily Market Report December 2025
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