Metro apartment market status

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earthling
Oak Tower
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Metro apartment market status

Post by earthling » Wed Aug 24, 2016 1:36 pm

Metro apartment market continues to gobble up new supply

http://www.bizjournals.com/kansascity/n ... upply.html
With demand outpacing supply, the metro's average vacancy rate of 4.3 percent is near the historical low of 4.2 percent set in the third quarter of 2015.

The low vacancy rate, combined with the development trend toward more upscale units, pushed the metro's average apartment rent in the second quarter to another historic peak of $930 — a 3.3 percent increase over the year-ago figure.

According to CBRE, average rents within the 128,166-unit metro market varied last quarter from a low of $690 in the Southwest Kansas City submarket to a high of $1,500 in the University/Plaza submarket. Other higher rent submarkets were Downtown, $1,177; and Overland Park South, $1,068.
Plaza avg still quite a bit higher than downtown avg despite a lot of high end going in downtown and a free streetcar.

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