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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Slight Rent Increase: Modest year-over-year increase suggests stable demand.
Monthly Decrease: Indicates potential need for corrections or adjustments.
Warm Market Temperature: Indicates a balanced but competitive market.
Tenants
Stable Pricing: Minor annual increases provide predictable budgeting.
Varied Options: A good number of rentals are available.
Warm Market: Moderate competition, requiring timely decision-making.
Bel Aire Key Takeaways
Landlords
Slight Rent Decrease: Both month-over-month and year-over-year decreases reflect strong demand.
Quick Turnover: Properties spend fewer days on the market, averaging 19 days.
Cool Market: Indicates a softer environment favoring tenants.
Tenants
Declining Rent Costs: Slight decreases in rent prices could mean better terms for tenants.
Average Demand: Average turnover allows for more time to make decisions.
Cool Market: Less competition, potentially better rental deals.
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 27 June. 2024.
- Source: zillow.com 2024, rental-manager/market-trends/bel-aire-ks, Accessed 27 June. 2024.