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Rental Market Summary & Key Takeaways
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Wichita Key Takeaways
Landlords
Significant Rent Increase: A notable month-over-month and year-over-year increase signals strong demand.
Decreasing Market Time: Faster market turnover indicates a landlord's market.
Moderate Availability: A healthy number of available rentals suggests a stable supply.
Tenants
Rising Rental Prices: Be prepared for higher costs.
Quick Decisions Needed: Reduced average days on market means acting fast is crucial.
Warm Market: Indicates a competitive environment but with options available.
Bel Aire Key Takeaways
Landlords
Stable Rent: No month-over-month change but a significant annual increase suggests long-term growth.
Longer Market Time: Properties are taking longer to rent, pointing to a more selective market.
Limited Availability: Fewer rentals mean less competition among landlords.
Tenants
High Rent Levels: Indicates a premium market segment.
More Time to Decide: The extended time on market offers tenants the luxury of choice.
Exclusive Market: A smaller pool of available rentals suggests a focus on quality over quantity.
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 - $1,400; (2) Bel Aire - $1,595; (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 Mar. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 25 Mar. 2024.