Each market is unique and Kansas City is no exception. As housing prices have continuously risen, the market has quickly reacted with bidding wars and buyers frenzy. The KC Metro area is now beginning to give sentiment that the housing market is stabilizing for home buyers.
The inventory for available homes continues to remain low with the median price for a starter home in 2017 at $65,167, up 7% from 2012. This booming housing demand is continuing to impact how much people pay for rent.
Real estate analytics show KC a top contender in the rental market year after year. Home value forecast, appreciation and vacancy rate, along with affordability and economic environment, benefit the rental housing market.
Nationwide, the number of rental households rose to 10M in 2016, marking 12 years of consecutive growth. Growth is primarily seen in new rental construction. These recent additions are primarily aimed at the upper end of the market ($1,800- $2,400+) while existing stock of single family homes targets affordable housing ($600-$1,200).
After more than a decade of soaring demand and five years of sourcing supply, the Kansas City market remains extremely tight. Rapid growth in both renters and rents continues to fuel the ongoing demand to meet housing needs.