Year-Over-Year Rent Price Analysis
The subject of today’s snapshot is for Downtown, Kansas City, Missouri. Based on our analysis, Kansa City’s year-over-year average rents decreased across all bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Kansas City 1–2-bedroom rents from December 1, 2020 – December 1, 2021:
As the table shows, 1BR units decreased by 2% from last year or $20 less, and the 2BR units saw no change in year-over-year rent change. As demonstrated by the table above, year-over-year performance for 1BR and 2BR units saw no change in rent prices from last year.
Market Activity: Kansas City, Missouri
Are you interested in investing in Kansa City? Location is an important factor to consider when finding a profitable market for a rental property. The key characteristics of a good location include a strong economy, a growing labor force, and high rental demand. Below are some quick facts about the Kansas City rental market that can help you with your investment analysis and overall decision.
Price-to-Rent Ratio:
- Avg 2BR House Price: $292,649 (According to Redfin)
- Avg 2BR Rent: $20,088 ($1,674 x 12 months)
- Price-to-Rent Ratio: 15
Population Growth:
- 0.73% year-over-year expected to add another 400,000 residents by 2040 (According to Roofstock)
Major Companies & Institutions:
- Commerce Bank, Garmin, Hallmark Cards, University of Missouri-Kansas City, Deloitte, IBM, Children’s Mercy Hospital and Clinics, University of Kansas Medical Center
Employment Growth:
- 0.85% (According to Roofstock)
About Rentometer
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.