WICHITA , KS
2025
MULTIFAMILY MARKET UPDATE
naimartens.com | (316) 262-0000 1330 E Douglas, Wichita KS 67214
NEW DEVELOPMENT
New multifamily development in the Wichita MSA has fully rebounded following the slowdown from the effects of the COVID-19 pandemic. In 2023 nearly 600 units were completed, and that momentum carried into 2024, which saw the delivery of over just over 1,000 units, marking one of largest surges of new units brought into the market in a single year. Construction has continued into 2025 with just under 300 units completed in the 1st half of the year. There are currently just over 800 units under construction throughout the Wichita MSA. Roughly 300 of those units are planned to be completed by the end of 2025. The remaining units are planned to be completed in the first half of 2026. Historically, Northeast Wichita has been the dominant quadrant for new development, with over 1,000 units completed between 2023 and 2025. In 2024 NE Wichita saw completions of Stoney Pointe Phase II (438 units),
Uptown Landing Phase II (176 units), Plazzio Place Apartment (42 units) and Skylofts at Heritage - Andover (186 Units). The Northwest quadrant also remains an active growth zone, contributing nearly 30% of total new development from 2016–2023, bolstered by large-scale 2024 deliveries like The Avante (372 units) and Liberty Gardens (108 units). The Central Business District (CBD) is emerging as one of the most dynamic development sectors. Adaptive reuse and infill projects—such as The National (152 units), The Dumont (96 units), and Hi-Tone Lofts (75 units)—added 323 units in 2024 alone, and projections suggest the CBD will see over 800 new units added in the coming years, positioning it as the fastest-growing submarket moving forward. Much of the recent CBD Multifamily growth has stemmed from The Wichita Bio Medical Development, a $300M campus that will centralize heath programs for the University of Kansas and Wichita State University, along with Kansas Health Science Center, an Osteopathic college directly across from the Bio Medical Campus in Downtown Wichita. The pipeline of future projects remains strong with over 2,000 proposed units announced with roughly half of those units looking to be added to the market place over the next two year period.
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NAI MARTENS | 2025 MULTIFAMILY MARKET REPORT
OCCUPANCY
Occupancy in Wichita’s MSA apartment market remains strong, with overall market occupancies increasing through the first half of 2025. After a slight dip in 2024—when a surge of new units entered the market, causing average occupancy to fall by 0.7 percentage points from 2023 levels. Rates have risen nearly 2%, climbing from 95.6% in 2024 to 96.5% in 2025. One contributing factor to the increase in occupancy is the reduced number of units that were delivered during the first two quarters of 2025, which helped ease supply pressures and support the overall increase in occupancy.
The “Central Business District” was the only sector that saw a reduction in occupancy which was 1.3%. That is down to 94.8% in 2025 from 96.1% in 2024. This does not come as surprise as the CBD saw a large increase in new units brought to the market in 2024 and into 2025. All continue to see incremental occupancy growth and stands at a 10-year+ high individually and accumulatively. Occupancy is projected to decrease just slightly into 2026 across the board due to new construction projects in the pipeline. 2025 shows a natural correction in the market after increasing occupancy rates and flat rental rates.
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NAI MARTENS | 2025 MULTIFAMILY MARKET REPORT
RENTAL RATES The overall average monthly asking rent in Wichita MSA saw a slight decrease of 2.5% over the 1st six months of 2025. This is down from a combined class average of $1.13/SF in 2024 to $1.12/SF in 2025. This seems to be a slight correction in the marketplace as Wichita saw a combined 13.5% increase in 2023 and 2024.
Class A rents throughout Wichita remained nearly the same price/SF with rates at $1.41/SF in 2025 vs $1.42/SF in 2024. Class B rents remained the same in 2025 at rate of $1.06/SF. Class C rents saw the largest decrease of 5% from a rate of $1.03/SF in 2024 to a rate of $.98/SF in 2025. The national multifamily market is seeing marginal rent gains in 2025, Wichita’s decline reflects a local correction following previous growth cycles and the absorption of recent deliveries.
While rents have dipped modestly into early 2025, fundamentals remain solid. High occupancy levels, moderate new deliveries, and a lack of overbuilding suggest this decline is likely short-term and rent levels are expected to recover gradually into late 2025 and 2026, particularly in well-located Class B properties and stabilized Class A communities.
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NAI MARTENS | 2025 MULTIFAMILY MARKET REPORT
TRANSACTIONS Multifamily Sale activity in the Wichita MSA has experienced a significant contraction over the past two years, with declines in total sales volume, unit count, and transaction activity. After peaking in 2022, transaction activity in 2023 and into 2024 have dropped to levels not seen in over a decade. 2024 reflects the lowest sales volume since 2017, and the fewest units sold since 2013. Total Transaction Volume in 2024 totaled right at $95,000,000 comprised of 32 transactions and a total unit count of 1,068 units. Each category represents totals roughly half of the totals in 2023. Class A transactions nearly disappeared, falling from 745 units in 2022, 226 units in 2023 to just 41 in 2024. Class B transactions saw the largest number of units sold with totals near 825 units but still down from 1,260 units in 2023 and 1,800 units in 2022. Class C unit sales declined from 585 units in 2023 to 204 units in 2024.
Overall, the decline in multifamily transactions reflects broader macroeconomic headwinds, including elevated interest rates, tighter underwriting standards, and compressed yields. Many sellers remain unwilling to adjust pricing to match current buyer expectations, leading to a significant drop in deal volume. Despite this, Wichita’s underlying market fundamentals—particularly occupancy stability and affordability— remain healthy. As borrowing costs normalize, transactional activity is expected to recover gradually in late 2025 and into 2026, particularly if p .
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NAI MARTENS | 2025 MULTIFAMILY MARKET REPORT
2025
Wichita Multifamily Update
Multifamily Team
Trent Garman Commercial Advisor (316) 613-2447
Jeff Englert Senior Vice President (316) 847-4924 jenglert@NAIMartens.com
Nathan Farha, CCIM Senior Vice President (316) 263-9669 nfarha@NAIMartens.com
tgarman@NAIMartens.com
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