MARKET SNAPSHOT

Kansas City q3 2025

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AVERAGE RENT

$1,355 Q3 2025

OCCUPANCY RATE

92.8% Q3 2025

NET ABSORPTION

2,828 YTD Q3 2025

ANNUAL RENT CHANGE

1.7% Q3 2025

ANNUAL OCCUPANCY CHANGE

-10 BPS Q3 2025

UNIT COMPLETIONS

3,792 YTD Q3 2025

KEY TAKEAWAYS

Rental demand in Kansas City cooled modestly in Q3 2025, mirroring national trends, yet absorption of 789 units matched pre-pandemic averages, reflecting a return to long-term stability rather than a slowdown.

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Kansas City continues to outperform on rent growth, with average effective rents rising 1.7% year over year in Q3 2025 to $1,355—nearly triple the national average of 0.6%. While rent gains have moderated from earlier quarters, the market’s performance still ranks among the top 15 largest U.S. multifamily metros.

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Stabilized Class A properties led the market with 94% occupancy, while Class B assets—impacted by roughly 4,500 recent deliveries—averaged 90% when lease-ups are included, highlighting the concentration of new supply in this segment.

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MARKET OUTLOOK

Kansas City’s multifamily fundamentals remain solid, underpinned by moderate rent growth and steady occupancy as the market moves beyond its recent wave of deliveries...

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