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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Slight Rent Increase: Month-over-month and year-over-year increases suggest steady demand.
High Availability: Many rentals available indicate a competitive market.
Cool Market Temperature: Suggests a tenant-friendly environment with less competition among landlords.
Tenants
Stable Pricing: Small rent increases provide predictability in budgeting.
Plentiful Options: High number of available rentals offers varied choices.
Tenant-Friendly Market: Cooler market temperature indicates favorable conditions for renters.
Bel Aire Key Takeaways
Landlords
Significant Rent Increase: Both month-over-month and year-over-year increases reflect strong demand.
Quick Turnover: Properties spend fewer days on the market, averaging 19 days.
Warm Market: Indicates a competitive environment favoring landlords.
Tenants
Rising Rent Costs: Notable increases in rent prices necessitate budgeting adjustments.
High Demand: Faster turnover requires prompt decision-making.
Competitive Market: A warm market temperature suggests less negotiation room and quick action.
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 - $1,395; (2) Bel Aire - $1,528; (3) National average - $1,850.
- Bordo, Jonas. “The Complete 2023 Guide to Rent Prices in the US.” Accessed 26 Dec. 2023.
- Source: zillow.com 2024, rental-manager/market-trends/wichita-ks, Accessed 24 May. 2024.
- Source: zillow.com 2024, rental-manager/market-trends/bel-aire-ks, Accessed 24 May. 2024.