-2.png)
Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Decreasing Monthly Rent: A month-over-month decrease of $25 in median rent indicates a potential need for competitive pricing strategies to attract and retain tenants.
Yearly Rent Increase: The year-over-year increase of $100 suggests long-term growth potential in the market, beneficial for landlords planning for the future.
Moderate Market Activity: With 155 available rentals and a cool market temperature, there is competition but also an adequate tenant pool, requiring effective marketing and property maintenance.
Tenants
Short-term Rent Fluctuations: The recent decrease in rent provides an opportunity to secure properties at potentially lower rates.
Growing Market: The year-over-year rent increase indicates a gradually appreciating market, urging tenants to consider locking in lease terms now.
Reasonable Options Available: With a moderate number of rentals available, tenants have a fair selection to choose from without excessive urgency.
Bel Aire Key Takeaways
Landlords
Stable Rent: No month-over-month change in median rent indicates a stable short-term rental market, beneficial for landlords seeking predictability.
Significant Annual Growth: A substantial year-over-year increase in rent (+$150) suggests strong market growth, offering promising long-term investment potential.
Limited Inventory, High Demand: With only 17 available rentals in a cool market, landlords may benefit from the high demand relative to the supply.
Tenants
Stable Current Prices: The stability in monthly rent suggests tenants can plan their finances without expecting immediate rent hikes.
Rising Market: The notable year-over-year increase in rent indicates a growing market, potentially leading to higher rents in the future.
Competitive Environment: The limited number of available rentals in a growing market means tenants might need to act quickly to secure desirable properties.
Sources & Additional Information:
- Market temperature is based on changes in renter demand compared to the national average.
- For example, a hot market has increasing demand.
- Temperature is based on all bedrooms and all property types.
- Median rent - 3-bedroom houses: (1) Wichita - $1,275; (2) Bel Aire- $1,675; (3) National average - $1,850.
- Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 20 Nov. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/wichita-ks, Accessed 22 Nov. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 22 Nov. 2023.