Apartment List study: Bucking recent trend, rents are up in Wichita – Wichita Business JournalNoelle Sosa February 4, 2018 0 COMMENTS
Wichita rents are up, according to the most-recent findings from national search website Apartment List.
In its January report, the website shows rents in Wichita for December increased a modest 0.3 percent. Despite the small tick upward, December represents the first time since June that rents have risen.
"Wichita rents are increasing at a time of year when rents are decreasing nationwide," says Sydney Bennet, an Apartment List research analyst. "Wichita’s annual rent growth of 1.1 percent still lags the state (1.7 percent) and the nation (2.8 percent)."
Currently, Apartment List says, median rents in Wichita stand at $560 for a one-bedroom apartment and $740 for a two-bedroom. Wichita’s year-over-year rent growth lags the state average of 1.7 percent, as well as the national average of 2.8 percent.
Apartment List shows Wichita’s median monthly rent for a two-bedroom unit as $740, about $400 less than the national average. In San Francisco, the median monthly price for a two-bedroom apartment is $3,010, which is down slightly from December.
The median price for a one-bedroom apartment in Wichita is about $560.
"There has been a lot of supply coming online in the last 18 to 24 months all across the city," said Blake Heiman, a real estate manager with TGC Development Group in Wichita. "I think we will see rents continue to grow as the projects in the development pipeline start offering more amenities for their residents."
"It’s a trend you can see nationally that is just now getting to Wichita. The added amenities in new complexes really help the developers command a higher rent."
Statewide, of the 10 largest cities in Kansas studied by the website, six saw median rent increases in December. According to Apartment List, Lenexa is the most expensive Kansas city to reside in with a median two-bedroom space going for $1,140.