Wichita 3Q23
Multifamily Market Report


average rent


average occupancy rate


annual sales volume


YoY rent change


yoy occupancy change


annual individual transactions

Supply & Demand


0 Units

YTD: 141

159 Units

YTD: 473

Annual Demand vs Completions

2023 YTD
  • Planned
  • Pre-Planned

Demand Trends

  • The third quarter recorded a neutral level of net absorption, with no change observed for the period.


  • In contrast, the West Wichita submarket saw a surge in demand, registering a net absorption of 137 units. But this was offset by net move-outs in both the Central Wichita/Riverside and North Wichita/University submarkets during the same quarter.

Completion Trends

  • The apartment inventory in Wichita saw an increase of 159 units, elevating the year-to-date total to 473 units.


  • This year-to-date addition of 473 units represents a 1.3% expansion in the overall apartment stock across the Wichita area.

Demand Outlook

  • Following a period of variable demand, forecasts indicate a promising outlook for net absorption over the coming four quarters. An expected absorption of 1,031 units is projected, which would realign annual net demand with its historical average.


  • Demand is expected to be strongest in North Wichita, with a projected absorption of 600 units over the next four quarters.

New Supply Outlook

  • Recognizing the northern area of Wichita as a hub for economic growth, developers have focused their efforts on this segment of the market.


  • Of the 1,017 units expected to be delivered in the coming four quarters, a substantial portion will be situated in the northwest suburbs and along the I-235 corridor. The remaining units are slated for the Central Wichita/Riverside submarket.

Occupancy & Rent Trends



Average Monthly Mortgage Payment


Average Monthly Rent

* The Average mortgage payment is based off a Average home sales price of $241,800 as reported by the Central Kansas Association of Realtors as of September 2023.

Occupancy trends

Occupancy rates in Wichita appear to be stabilizing around the 94% mark, a figure consistent with the 10-year historical average. This follows a period of exceptionally high occupancy in 2021 and 2022. Within the metro’s submarkets, occupancy rates remained relatively uniform. The East Wichita submarket led with a rate of 94.8%, while the Central Wichita/Riverside submarket posted the lowest—yet still robust—rate of 93.2%. In terms of asset classes, Class A properties boasted the highest occupancy rate at 95.5%. Classes B and C were closely matched, with average occupancy rates of 94.2% and 92.3%, respectively. While minor fluctuations are expected over the next four quarters due to new supply entering the market, the overall impact is projected to be minimal. Occupancy rates are forecasted to remain stable, hovering around the lower bounds of the 94% range.


Mirroring trends observed in most apartment markets nationwide, the growth rate of rent prices in Wichita is showing signs of deceleration. However, the city still achieved a healthy 3.1% annual increase in average rent, elevating the monthly rate for new leases to $862. This performance not only surpasses Wichita’s ten-year average growth rate of 2.9%, but also significantly outstrips the national average of 0.4% for Q3 2023. Although Wichita did not experience the extreme rent hikes seen in many markets post-pandemic, it has adeptly avoided the steep rent reductions that are now plaguing those areas. Looking ahead, the stable nature of Wichita’s economy is expected to contribute to a reversion to the mean in apartment fundamentals, thereby minimizing the likelihood of rent cuts in the near term.

On the submarket level, West Wichita led the metro area, boasting the highest rental growth rate at 5.1%, which elevated the monthly rental rate to $877. In contrast, the Central Wichita/Riverside submarket, which has recently seen an influx of new units, lagged behind, registering a more moderate annual gain of 1.3%. When examining the local apartment market by asset class, Class C properties outperformed with an annual rent growth rate of 4.1%, lifting the average monthly rate for new leases to $685. Class B properties maintained steady yearly growth at 3.5%, closely mirroring the rate of 3.6% observed in the previous quarter. Meanwhile, Class A properties recorded a modest annual increase of 2.1%, bringing the average rental rate for highly-amenitized assets to $1,144 for Q3 2023.

Submarket Rent & Occupancy

SubmarketAverage OccupancyAnnual Occupancy ChangeAverage Monthly RentAnnual Rent Change
Central Wichita/Riverside93.2%-1.5%$8501.3%
East Wichita94.8%-1.2%$7772.5%
North Wichita/University94.2%-1.8%$9352.3%
West Wichita93.8%-0.7%$8775.4%
Wichita, KS94.0%-1.3%$8623.1%

Number of Units Delivering in 2023

Property NameAddressCityZipSubmarketConstruction Start DateLeasing Start DateConstruction Finish DateDeveloperTotal Units
HiTone Lofts701 E 2nd St NWichita67202Central Wichita/Riverside04/01/202211/01/202303/01/2024Ferguson Property Group72
Uptown Landing II3221 E 1st St NWichita67214Central Wichita/Riverside04/01/202101/01/202404/01/2024Brand Investments125
North Andover Road & East 21st StreetN Andover Rd & E 21st StAndover67002East Wichita10/01/202206/01/202401/01/2025Private Developer250
East 17th Street North & North Gentry DriveE 17th St N & N Gentry DrWichita67208North Wichita/University10/01/202211/01/202309/01/2024Private Developer277
Fairmount Flats1728 Fairmount StWichita67208North Wichita/University12/01/202212/01/202302/01/2024Bonavia Properties50
Plazzio PlaceE 13th St N & N Greenwich RdWichita67206North Wichita/University04/01/202301/01/202407/01/2024Laham Development40
Stoney Pointe II11587 E Agate LnWichita67206North Wichita/University01/01/202211/01/202311/01/2024Edward Rose and Sons216
K-96 & North Ridge RoadK-96 & N Ridge RdWichita67205West Wichita05/01/202201/01/202406/01/2024Private Developer166
Liberty Gardens13550 W 13th St NWichita67235West Wichita05/01/202303/01/202411/01/2024Private Developer108

Sales Activity

Deal flow for individual conventional multifamily transactions totaled $85 million for the year ending in the third quarter of 2023. This aligns closely with the five-year annual average of $80 million for individual property transactions. Notably, the third quarter of 2023 alone saw two sales, contributing $11.3 million to the annual total.

*Most Active Buyers and Sellers are based on the sale volume of apartment units.
  1. Monarch
  2. LV Realty Capital
  3. MDO Capital
  1. Hivernan Realty Group
  2. Maxus Realty Trust
  3. Vantage Point


Annual Transaction Volume

Y-O-Y Change

Annual Individual Transaction Count

Price Per Unit

Annual Price Change

* Trailing 4Q average PPU

* Preliminary Data from RCA – Individual transaction $2.5M +


In August 2023, Wichita continued to demonstrate economic resilience with an unemployment rate of 3.6%, slightly better than the U.S. average of 3.8%. According to the latest data, the metro area experienced varied job growth across different sectors. The Leisure and Hospitality sector led in terms of growth, adding 2,500 jobs—an impressive 7.5% increase from the previous year. Manufacturing also showed positive momentum, contributing an additional 1,000 jobs, marking a 2.0% growth rate. Government roles increased by 600, with a 1.5% growth rate, while Education and Health Services grew by 500 jobs or 1.1%. The Mining, Logging, and Construction sector expanded modestly, adding 200 jobs at a growth rate of 1.1%.


August Annual Jobs Created


August 23 Employment growth


August 2023 Unemployment rate
3.8% us August rate

Top Employment Sector Annual Change

Leisure & Hospitality

Leisure & Hospitality

Change from May 2022 to May 2023:

Percent Change:



Change from May 2022 to May 2023:

Percent Change:



Change from May 2022 to May 2023:

Percent Change:

Education & Health Services

Education & Health Services

Change from May 2022 to May 2023:

Percent Change:

Mining, Logging, & Construction

Mining, Logging, & Construction

Change from May 2022 to May 2023:

Percent Change:

Hover over circles to view data
SectorChange from August 2022 to August 2023 Percent Change
Leisure and hospitality2,500 7.5%
Manufacturing1,000 2.0%
Government600 1.5%
Education and health services500 1.1%
Mining, logging & Construction200 1.1%
Other services0 0.0%
Information0 0.0%
Financial activities(100)-0.8%
Trade, transportation, and utilities(300)-0.6%
Professional and business services(1,400)-3.9%

Rent vs. Own Comparison

Average Home Sales Price


Average Mortgage Payment


vs Average Rent: $862

Share of HHI



Share of HHI



Median Household Income


Market Outlook

The northern region of Wichita’s apartment market is set on a favorable course for the next four quarters, buoyed by robust demand and key economic developments. A significant contributor to this optimistic outlook is the forthcoming establishment of Integra Technologies’ headquarters in Bel Aire. This venture alone is expected to create 2,500 local jobs, thus intensifying housing demand in the area.

While the market is set to welcome new supply in upcoming quarters, only minor fluctuations in apartment fundamentals are anticipated. Such changes are not expected to significantly impact the market’s inherent stability. This resilience, even in the face of minor variations, is a bullish indicator for apartment owners and operators in the Wichita region. It suggests a healthy market environment that is well-positioned to navigate future shifts and continue on a growth trajectory.

Sources: RealPage; BLS; MSCI; ESRI

To Gain Further Insights Into The Wichita Market Please Reach Out To Our local Team

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Colton Howell

Senior Director

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Richard Redding

Senior Director