Kansas City Multifamily Market Report

Demographic trends drive rebound in apartment demand. Kansas City ranks among the 10 most affordable major apartment markets by the ratio of average local rent to income. The metro’s income growth also exceeded the national rate. In the four quarters ended in March, these factors contributed to record net in-migration for the market, supporting the fourth-largest population growth among Midwestern metros. As a result, renter demand surged in the second half of 2024, reversing two years of weak net absorption and placing the market among the Midwest’s four highest-occupancy metros as of March. With in-migration expected to remain near historic highs — nearly 20,000 people are relocating on net — Kansas City is well-positioned to retain sub-5 percent vacancy through 2025.