Kansas City Rents Spike Amid Nationwide Falling Prices

The cost for local living space continues to increase whilst bigger and better cities are finally getting some relief.

Special thanks to our reporting partners who sent this big of data with local info . . . And a sign that the focus on luxury housing is hurting the plebs.

Here's the info . . . 

Rents in Kansas City grew 9.5% in 2021

The new year has brought some much needed relief to the rental market. Across the nation, rent prices fell 0.2% last month, representing the country’s first measurable price decline since 2020. This of course comes after a period of tremendous rent growth, when prices rose nearly 18% in less than a year. So prices remain high, but have turned a corner.

Rents fell in 61 of the nation’s 100 largest cities this month. Riverside, CA saw the nation’s steepest rent decline this month (-3.1%), and prices fell in other growing cities that saw major rent increases this year, like Spokane, WA (-2.5%), and Reno, NV (-1.6%). But prices also fell in some of the nation’s largest and most expensive cities, like Seattle, WA (-2.9%), San Francisco, CA (-1.6%), and Chicago, IL (-1.0%).

For more analysis of the newest monthly data, check out our full January Rent Report.

Here are some highlights:

- Rents in Kansas City held steady last month, compared to a 0.2% national decrease. Month-over-month growth in Kansas City ranks #40 among the nation's 100 largest cities.

- Year-over-year rent growth in Kansas City currently stands at 9.5%, compared to 0.3% at this time last year. This is the #85 fastest increase among the nation's 100 largest cities. Rents in Kansas City are up by 7.4% since the start of the pandemic in March 2020.

- Median rents in Kansas City currently stand at $985 for a 1-bedroom apartment and $1156 for a two-bedroom.


Developing . . .