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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Modest Rent Increase: The slight month-over-month increase and significant year-over-year growth in median rent suggest a positive trend for landlords' rental income.
Cool Market: The cool market temperature indicates less demand, which might require competitive pricing or enhanced marketing efforts to attract tenants.
Reasonable Market Activity: An average of 43 days on the market and a healthy number of available rentals point to a balanced market where properties rent in a timely manner but without urgency.
Tenants
Steady Rent Growth: Tenants should be aware of the gradual increase in rent prices, indicating a market where long-term renting could see incremental cost rises.
Less Competitive Market: The cool market temperature suggests tenants might have more negotiating power and a wider choice of properties.
Adequate Time for Decision-Making: With properties staying on the market for an average duration, tenants have a reasonable window to search and decide on rentals.
Bel Aire Key Takeaways
Landlords
Significant Rent Growth: The substantial year-over-year rent increase points to a robust growth potential for investment properties.Year-over-Year Rent Decline: A significant decrease in year-over-year rent indicates a potential need for landlords to reassess their rental strategies to remain competitive.
Warmer Market Compared to Wichita: The warm market temperature signals robust demand, which could allow for quicker rental turnovers and possibly higher rents.
Longer Average Days on the Market: The substantially longer average days on the market suggest that properties may take more time to rent, requiring landlords to be patient or to make their properties more appealing.
Tenants
Rent Stability: No change in median rent month-over-month suggests stability in the short term, which is beneficial for tenants currently looking for a rental.
Higher Rent Than Wichita: Despite the stable monthly rent, the median rent in Bel Aire is significantly higher than in Wichita, so tenants may need to consider their budgets carefully.
Preparation for Longer Searches: With properties averaging 98 days on the market, tenants should be prepared for potentially longer search times but may also have more leverage in negotiations.
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) Tulsa - $1,475; (2) Owasso - $1,783; (3) National average - $1,850.
- Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 26 Dec. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/wichita-ks, Accessed 26 Dec. 2023.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 26 Dec. 2023.