-2.png)
Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Slight Rent Increase: The modest month-over-month rent increase indicates a stable market with growing demand.
Consistent Yearly Growth: A $100 year-over-year increase signifies a healthy market with potential for long-term investment.
Cool Market Temperature: Suggests a balanced market, requiring competitive amenities and pricing to attract tenants.
Tenants
Stable Market: Small rent adjustments provide predictability for budgeting.
Reasonable Availability: With 135 rentals available, tenants have a fair selection of options.
Moderate Competition: The cool market temperature indicates a tenant-friendly environment with room for negotiation.
Bel Aire Key Takeaways
Landlords
Stable High-End Market: No month-over-month change but consistent yearly growth reflects a stable, premium market.
Longer Market Time: Properties take longer to rent, suggesting the need for targeted marketing to the right audience.
Warm Market Temperature: Indicates a slightly more landlord-favorable market, potentially allowing for premium pricing.
Tenants
Higher Rent: Reflects the premium nature of the market, indicating higher quality or more desirable locations.
More Deliberation Time: The longer average days on market give tenants more time to make informed decisions.
Less Competitive: The warmer market temperature compared to Wichita suggests slightly less competition among tenants.
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 - $1,475; (2) Bel Aire - $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 25 Feb. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 25 Feb. 2024.