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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Slight Rent Fluctuations: Minimal month-over-month decrease but year-over-year rent increase indicates a stable yet growing market.
Moderate Market Time: Average days on the market show balanced demand, requiring effective property management.
Cool Market Temperature: Suggests a need for competitive pricing and amenities to attract tenants.
Tenants
Stable Renting Environment: Gradual increase in rent year-over-year allows for predictable budgeting.
Balanced Decision Time: Average market time indicates neither a rush nor too much leisure in decision-making.
Tenant-Favoring Market: Potential for negotiation due to the cooler market conditions.
Bel Aire Key Takeaways
Landlords
Higher and Increasing Rent: A steady year-over-year rent increase without monthly fluctuation indicates a growing market.
Longer Market Time: Indicates lower demand, requiring landlords to differentiate their properties.
Warm Market Temperature: More favorable to landlords, suggesting potential for higher rental income.
Tenants
Higher Rent Levels: Indicates a need for higher budgeting compared to Wichita.
More Time for Property Search: Longer days on the market give tenants more time to explore options.
Moderately Competitive Market: Slightly less pressure on tenants, but still requires timely decision-making.
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 27 Jan. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 27 Jan. 2024.