{"id":6413,"date":"2023-09-14T10:19:21","date_gmt":"2023-09-14T10:19:21","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6413"},"modified":"2023-09-18T10:32:28","modified_gmt":"2023-09-18T10:32:28","slug":"kansas-city-multifamily-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/kansas-city-multifamily-market-report-august-2023\/","title":{"rendered":"Kansas City Multifamily Market Report \u2013 August 2023"},"content":{"rendered":"<h2>Steady Demand Boosts Rent Growth<\/h2>\n<p>Kansas City displayed healthy fundamentals going into the third quarter, sustained by the metro\u2019s affordability and steady economy. Rents advanced 0.7% on a trailing three-month basis through June, and were <a href=\"https:\/\/www.yardimatrix.com\/blog\/august-2022-kansas-city-multifamily-market-report\/\"><strong>up 5.2% year-over-year<\/strong><\/a>, marking one of the year\u2019s strongest performances. Yet with an average rent of $1,241, the metro remained among the country\u2019s more affordable markets. Meanwhile, the occupancy rate in stabilized properties held up relatively well, declining by 60 basis points in the 12 months ending in June, to 95.1%.<\/p>\n<p><iframe id=\"datawrapper-chart-3BcI9\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Kansas City vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/3BcI9\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The Kansas City unemployment rate stood at 2.8% in May, a 10-basis-point increase since the start of the year, according to data from the Bureau of Labor Statistics. While it trailed Missouri (2.5%) and Kansas (2.9%), the metro led the 3.7% national rate. The economy added 34,500 positions in the 12 months ending in April, the equivalent of a 3.2% expansion and ahead of the 2.9% national rate. All sectors gained jobs, led by leisure and hospitality (10,700 jobs). Job growth was aided by increased visitor volume, which in 2022 surpassed pre-pandemic levels.<\/p>\n<p><iframe id=\"datawrapper-chart-l6w4q\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Kansas City Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/l6w4q\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers had 6,890 units underway as of June. The number of construction starts almost tripled year-to-date as of June from the same period last year. Meanwhile, investment activity tapered off, with just $238 million in multifamily assets trading through June, for a price per unit that declined 22%.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4229-MatrixMultifamilyKansasCityReport-August2023\"><strong>Matrix Multifamily Kansas City Report-August 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steady Demand Boosts Rent Growth Kansas City displayed healthy fundamentals going into the third quarter, sustained by the metro\u2019s affordability and steady economy. Rents advanced 0.7% on a trailing three-month basis through June, and were up 5.2% year-over-year, marking one of the year\u2019s strongest performances. Yet with an average rent of $1,241, the metro remained [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[113,475],"class_list":["post-6413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-kansas-city","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kansas City Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents rose by 0.7% on a T3 basis and 5.2% year-over-year, boosted by limited deliveries, Yardi Matrix data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/kansas-city-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kansas City Multifamily Market Report \u2013 August 2023\" \/>\n<meta property=\"og:description\" content=\"Rents rose by 0.7% on a T3 basis and 5.2% year-over-year, boosted by limited deliveries, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/kansas-city-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T10:19:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-18T10:32:28+00:00\" \/>\n<meta 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