Market Insights

August 1, 2024

What's The Average Rent In Kansas City, MO

Zoe Harper

Marketing

In recent times, the Missouri rental market has been quite lively. It's been getting a lot of interest from folks looking to rent and those studying the real estate market. Right now, the median rent in Kansas City, MO, is $1,322 as of July 2024¹.

There's been a slight increase of 0.7% from the previous month¹. This shows that more people want to live here, pushing up rent prices. When we look at the yearly growth, it's gone up by 0.8%. This is pretty much in line with the Missouri state average of 1.5%. But it's doing better than the whole U.S., where rent averages went down by 0.7%¹.

Key Takeaways

The overall median rent in Kansas City, MO is $1,322 as of July 2024¹.
Month-over-month rent prices have increased by 0.7% in Kansas City¹.
Yearly rent growth in Kansas City is 0.8%, aligning closely with the state average of 1.5%¹.
Nationally, the average rent prices saw a decrease of 0.7%¹.
Kansas City has experienced a steady rise in its rental market, suggesting continued demand and growth.

Overview of Kansas City's Rental Market

Recently, Kansas City's rental market has been very active. It shows important changes and trends. These are vital for those looking to rent and invest here.

Current Median Rent

A one-bedroom apartment's median rent in Kansas City is $1,146. For two bedrooms, it's $1,353¹. This ranks Kansas City as the 69th most expensive big city in the U.S. The general median rent is $1,322¹.

Annual Rent Growth

Annual rent growth in Kansas City is steady, showing a 0.8% increase year-over-year¹. This steady growth is crucial for reliable planning for renters and property owners. Rent also grew by 0.7% from one month to the next. This shows rental prices are slowly going up¹.

Comparison with National Trends

Comparing Kansas City to the national scene shows it's more affordable. Its median rent is 6.3% less than the national average. This makes it relatively budget-friendly¹. While national rent rates have seen big changes, Kansas City's growth remains steady. You can find more info on Kansas City's rental trends through this link¹.

Factors Influencing Rent Prices in Kansas City

Understanding what affects rent prices in Kansas City is key for renters and policymakers. Many factors determine rental property costs in this lively city.

Economic Factors

The economy plays a big part in Kansas City's rent prices. Job availability and economic growth influence the rental market strongly. For example, the average rent in Kansas City is $1,124. Studios go for about $846, and 1-bedroom apartments for $1,010 a month². These figures show how the local economy and housing demand are connected. Also, rent has gone up by 5% from last year, showing the fast changes in the economy³.

Population Growth

Population growth also affects rent prices in Kansas City. More people means more need for housing. 44% of homes in Kansas City are rented³. This growing demand pushes up rents. The cost for a 2-bedroom is now $1,203, and a 3-bedroom is $1,450³. More people moving in makes it harder to find available homes, driving rents up for all types of apartments.

Historical Rent Trends in Kansas City

Kansas City's rent trends have varied a lot over the years. Studying these patterns helps us understand the housing market better. It even allows us to guess what might happen next. The changes in rent each year have been key in showing if the market is stable or growing.

Year-over-Year Changes

Over the last year, rent in Kansas City went up by 0.8%, which is close to the state's average. This growth is small but shows the rental market is stable⁴. Plus, rent recently went up by 0.7%, adding to the yearly rise of 0.8%¹. Currently, Kansas City's median rent is $1,322, making it the #69 most pricey large city in the U.S¹.

Long-Term Projections

Kansas City's rent might keep matching the state's economic trends and population changes. The city saw a 7% jump in median rents, reaching $1,644⁴. This signals a positive future for the city's rental market. Many believe rents will continue to rise steadily, reflecting the area's economic health and growth.

There's also a focus on affordable housing due to the rise in rents⁴. Kansas City is working on this with things like the Tenants Bill of Rights. These efforts are crucial for a balanced market and shape future forecasts in a good way⁴.

Average Rent by Neighborhood in Kansas City

Rent prices in neighborhoods around Kansas City can differ a lot. They change based on the area's perks and position. For example, studio flats in Kensington are very affordable, costing about $533 each month⁵. This places it among the top neighborhoods in Kansas City for renters looking for cheaper living options.

In contrast, Lenexa showcases the expensive side of Kansas City's rental scene, with monthly rents at $1,538 on average¹. Such a big difference highlights the vast range of rental prices in the city. Also, only 11% of the rentals are cheaper than $700. Yet, the bulk of them, 49%, are priced between $700 and $1,000 each month⁵.

As you move closer to the downtown area, rent prices usually go up. Rents for one-bedroom flats reach $1,320. Two-bedroom ones can cost up to $1,528¹. But in places like Independence, where demand is lower, rents have climbed by 8.7%¹.

Kansas City's median rent is $1,322, a decent rate compared to big U.S. cities¹. Rent increases have been small, around 0.8% from year to year¹. With apartments averaging 701 square feet, there's a wide range for everyone's budget and needs⁵.

How Kansas City's Rent Compares to Nearby Cities

Kansas City's median rent for one-bedroom apartments is $1,146 and $1,353 for two-bedrooms. Lenexa's median rent is higher at $1,538 for apartments⁶. Rent prices in the Kansas City metro show Lenexa as the priciest city⁶. Johnson County, which includes Lenexa, has a high median income of $103,644⁷.

Comparison with Lenexa

Lenexa's rentals are more expensive than Kansas City's⁶. Suburban areas like Lenexa generally have higher rents but offer great amenities and higher incomes⁶. Lenexa has the highest rents in the region, making it an expensive choice⁶.

Comparison with Overland Park

Overland Park's median rent is also above Kansas City's⁶. Overland Park saw a 3.3% rent increase over the last year⁶. This increase shows suburban rents are climbing faster than in the city⁶. Overland Park provides good living options but at rising costs⁶.

Comparing Kansas City, Lenexa, and Overland Park shows suburban rents are higher. Renters must wisely balance their budgets with the living area they choose. KC Tenants works for affordable housing to help with rising rents. Learn more about their work here.

Cost of Living Considerations

When looking at Kansas City's cost of living, there's a lot to think about. We need to look carefully to fully understand it. The city stands out for being more affordable than many other places in the U.S.

Goods & Services

Here, buying goods and services costs less, about 9% less than what most people pay in America⁸. Food is also cheaper, costing 7.8% less than the national average. This helps make life in Kansas City more affordable⁹. For extra information, check out this source.

Utilities

However, utilities like electricity and gas are a bit pricier here. The average monthly bill for energy is about $178.88. That's 2.6% more than the average in the U.S⁹. But, the water bill is an exception, staying low at $26⁹.

Transportation

Transportation costs are also an important part of living expenses in Kansas City. Public transport is quite affordable. But, if you own a car, you have to consider gas and insurance costs⁹. These play a big role in monthly budgets.

Types of Rental Properties in Kansas City

Kansas City has many rental options for different budgets and tastes. You can find apartments, houses, and condos. Each type offers unique benefits for renters.

Kansas City apartments are in demand, especially in lively areas like White Oak, Westport, and River Market. These neighborhoods offer rentals for all budgets and lifestyles. There are also apartments priced under $500, $700, and $1,000 for those on a tight budget¹⁰.

Rental homes are another popular choice. The average rent for a house is about $1,395¹⁰. Whether you need a small place or a spacious house for a family, Kansas City has it. Independence, for example, is a hot spot with rent growing at 8.7% yearly¹.

Condos are great for those wanting extra facilities like gyms and pools. They mix apartment community vibes with the space of a house.

There are also special housing types. These include student apartments close to colleges. For example, they're near the Metropolitan Community College and the University of Missouri - Kansas City. These options are handy for students¹⁰.

To wrap it up, Kansas City's rental market is dynamic. With a median rent of $1,322 that slowly rises each year¹, renters have a broad selection to match their lifestyle and budget.

What to Expect from Kansas City's Rental Market in 2024

The rental market in Kansas City, MO, has changed a lot last year. Now, renting a one-bedroom apartment here costs about $1,146¹. It's cheaper than in some nearby cities.

1-Bedroom Apartments

One-bedroom apartments are still a top choice for renters because they're affordable. The price for these is around $1,146¹ now. This shows people keep liking them.

2-Bedroom Apartments

If you need more room, a two-bedroom apartment costs $1,353¹. This price is higher because you get more space and better features. These apartments are great for families or friends living together.

Overall Median Rent

The average rent in Kansas City is $1,322¹ overall. This number includes all types of apartments. It gives you an idea of what to expect for rent costs. For deeper details, check the discussion on the City-Data forum ¹.

Tips for Finding Affordable Rent in Kansas City

Finding a cheap place to live in Kansas City can be easy with a clear plan. Look for cheap apartments in Kansas City when fewer people are moving. This can lead to better deals and more choices.

Checking out various areas can help save money too. Places like Bushman Dr and Sycamore Ave have rentals from $597 to $1,046¹. Knowing the different neighborhoods and their prices is important for finding a good, affordable home.

Using online platforms like realtor.com allows you to see many cheap housing options. Staying updated on rent trends and using comparison tools can help you save.

Tips like negotiating lease terms and splitting rent with roommates can also cut costs. The median rent for one-bedroom is $1,146, and two-bedroom is $1,353. This highlights the benefit of living with others¹.

Rents vary across Kansas City's neighborhoods. With an overall metro area rent growth of 3.2% and a median rent of $1,331¹, some places offer better deals.

Being proactive and using different rent-saving tips can truly make living in Kansas City affordable. Knowing the median rent, which is $1,322¹, helps renters find the best options available.

The Impact of Rent Trends on Kansas City Residents

Rent trends in Kansas City are affecting its people, especially their rent burden and living standards. The average rent in the Kansas City area is $1,405 a month. This is 29% lower than the national average. Still, many renters find a big part of their income goes to housing¹¹. This makes it hard for them to enjoy life and stay financially healthy as rent prices climb.

Cost-Burdened Renters

In Jackson County, 27% of homes spend more than 30% of their earnings on housing¹². Clay County has a higher number, with 33% of renters under financial stress from housing costs¹². A severe issue for about 21% of them. This creates a big problem. People struggle to save or buy what they need.

Living Standards

The cost of rent is key to life quality in Kansas City. With lower rent, people can better afford important things like health care and education. Yet, rent prices went up by 9.71% in a year, which is a huge problem¹². Long-term renters usually pay less than the market rate. But new renters face steeper costs, pushed up further by property taxes and insurance¹³. This shows how complicated housing affordability in Kansas City is.

FAQ

What is the average rent in Kansas City, MO?

The median rent in Kansas City, Missouri, as of July 2024, is $1,322. Rent for a one-bedroom apartment averages $1,146. A two-bedroom apartment goes for about $1,353.

What are the current median rent prices in Kansas City?

Currently, the median rent in Kansas City is $1,322. The average rent for a one-bedroom is $1,146. For two bedrooms, it's around $1,353.

How has Kansas City's rent changed yearly?

Rent in Kansas City has been rising at 0.8% every year. This is close to Missouri's average increase of 1.5%. This growth is more than the national average, which fell by 0.7%.

How does Kansas City's rent compare to national rent trends?

With a median rent of $1,322, Kansas City is the 69th most expensive large U.S. city. This cost is 6.3% less than the national average.

What economic factors influence rent prices in Kansas City?

In Kansas City, job availability and the overall economic health impact rent prices quite a lot.

How does population growth affect housing demand in Kansas City?

Rising population grows the need for housing. This can push rental prices up in Kansas City.

What historical rent trends have been observed in Kansas City?

Kansas City's rent has been growing at a yearly rate of 0.8%. This matches the state's trend and is ahead of national patterns. Projections suggest rents will keep pace with Missouri's economy and population changes.

How do rent prices vary by neighborhood in Kansas City?

Rent prices in Kansas City change depending on the area. For instance, Lenexa's median rent is $1,538, more than Kansas City's own median.

How does Kansas City's rent compare to nearby cities like Lenexa and Overland Park?

Lenexa and Overland Park have higher rents compared to Kansas City. This shows suburbs might be pricier than the city.

What is the overall cost of living in Kansas City?

The cost of living in Kansas City is 6% lower than the U.S. average. Goods & Services cost 9% less, Health 14% less, and Housing 2% less. Only Utilities are 4% higher.

What types of rental properties are available in Kansas City?

Kansas City has a range of rental options. You can find apartments, houses, and condos to suit different needs and budgets.

How much do 1-bedroom and 2-bedroom apartments cost in Kansas City?

A one-bedroom apartment in Kansas City averages $1,146. A two-bedroom apartment costs around $1,353 on average.

What is the overall median rent across all bedroom sizes in Kansas City?

The city-wide median rent in Kansas City stands at $1,322 today.

What tips are there for finding affordable rent in Kansas City?

To find cheaper rent, try looking in the off-peak season. Explore various neighborhoods. Utilize different methods and tools to discover affordable apartments.

How do rent trends impact Kansas City residents?

Rent trends can affect how much of their income people spend on housing. Affordable rents help raise living standards. This lets people spend more on other vital needs.