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Rental Market Summary & Key Takeaways
Wichita Key Takeaways
Landlords
Slight Rent Decrease: The month-over-month rent decrease suggests a need for competitive pricing.
Stable Yearly Rent: slight year-over-year increase indicates market stability.
High Availability: Numerous available rentals point to a competitive market environment.
Tenants
Decreasing Rent: Potential savings with a $45 reduction in monthly rent.
Plenty of Options: A large number of available rentals offers more choices.
Tenant-Friendly Market: Market temperature combined with large availability suggests less competition and more negotiating power.
Bel Aire Key Takeaways
Landlords
Rent Decrease: A significant month-over-month decrease suggests weaker demand.
Slow Turnover: Higher average days on the market indicate lower demand and slow leasing.
Cool Market: Favorable conditions for tenant, allowing for stable rents and slower occupancy.
Tenants
Decreasing Costs: Be prepared for lower rent due to reduced demand.
Low Demand: Slow leasing times allow for somewhat slower decision-making, although the low inventory suggests it’s best to be decisive.
Cool Environment: Cool market indicates more room for negotiation and less urgency in securing rentals.
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.