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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Stable Rent: No month-over-month change, indicating market stability.
Modest Yearly Increase: Slight increase over the past year suggests gradual growth.
High Availability: Many available rentals, pointing to a competitive market.
Tenants
Stable Prices: Rent has remained stable month-to-month, aiding in financial planning.
Plenty of Options: High number of available rentals offers varied choices.
Cool Market: Less competitive environment, potentially more favorable for tenants.
Bel Aire Key Takeaways
Landlords
Rent Increase: A noticeable increase from the previous month.
Stable Yearly Rent: Year-over-year rent has not changed, suggesting a stable high-end market.
Limited Availability: Fewer rentals available, indicating less competition among landlords.
Tenants
Rising Monthly Costs: Monthly rent has increased, signaling a need for quicker decision-making.
Exclusive Market: Fewer available properties suggest a more selective market.
Warm Market: More competitive conditions, potentially less room for negotiation.
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 - $1,450; (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 21 Apr. 2024.
- Source: zillow.com 2023, rental-manager/market-trends/bel-aire-ks, Accessed 21 Apr. 2024.