Kansas City Multifamily Report – August 2025
The metro is outperforming the nation on several key metrics.
Kansas City rent growth ranked third among Yardi Matrix’s top 30 markets, up 3.1 percent year-over-year as of June and well above the 0.9 percent U.S. rate. At $1,335, the average advertised asking rent lagged the $1,749 national figure. The occupancy rate in stabilized properties slid 20 basis points year-over-year, to 94.5 percent as of May. The Lifestyle rate (95.0 percent) was higher than the RBN figure.
The deceleration in employment growth continued in the first months of 2025, at 0.4 percent as of April. The figure was on par with Chicago and half the 0.8 percent U.S. rate. Kansas City shed 3,900 net jobs overall, with gains in four sectors: education and health services (6,000 jobs), mining, logging and construction (3,000), government (2,000) and financial activities (1,100). Meanwhile, unemployment stood at 3.8 percent in May, outperforming the U.S. (4.2 percent). Construction is underway across several redevelopment projects, including the $1 billion Berkley Riverfront and the $527 million West Bottoms, which have their first phases set for completion in 2026.
While deliveries dropped to 861 units this year through June, the pipeline remained significant, with 7,333 units under construction. Investment stalled, with just $182 million in multifamily assets trading during the first half of the year. The average price per unit slid by roughly 20 percent year-to-date, to $135,590, well below the $212,317 national figure.
