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Market Report

Kansas City Multifamily Market Report

2Q 2022

Affordable Submarkets with Short Commutes to Reopening Downtown Offices at the Forefront

CBD revival and growing suburbs foster metrowide gains. Kansas City ended last year with all 11 major submarkets reporting positive net absorption and vacancies below 5.0 percent, coinciding with the second-fastest year of rent gains since at least 2000. Rents in the CBD grew by 8.9 percent last year, after falling 1.8 percent amid the pandemic shock in 2020, evidence that the recovery is underway. The area registered a five-year vacancy low in the first quarter, falling 340 basis points year-over-year to 4.8 percent, marking a rapid but still-progressing resurgence. At the same time, suburban rents grew by 11.3 percent in 2021, as renter preferences for larger units and more spacious communities helped drop vacancy in the suburbs to 3.2 percent entering this year.
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