Kansas has become known as a genuine “madhouse” over the past few years when it comes to property management issues. This is due to the fact that the demand for rentals has increased and has become very high, which caused the low vacancy rate and sky-high rents in return.
More people are renting today than ever before, as they are being very careful when it comes to home ownership. In Kansas, there is more demand for market-rate apartments located in midtown, the Crossroads and downtown.
This is because renters tend to stay closer to the central city and be involved in all of the activities there. However, low vacancy rates are not that common for Kansas. At least that was not the issue just over a decade ago.
For the least expensive units, lower-rate vacancy rates declined from 14.2 % in 2006 to just 6.7% in 2016. On top of that, many previously low-demand markets heated up, with vacancy rates for less expensive units being at the very rock-bottom.