Have Rent Prices in Kansas City Gone Up?
We all know real estate prices over the past few years plus current inflation have had effects on the rental market. So what exactly are current rent prices in Kansas City, and have they gone up?
Median Rent Prices in Kansas City
Depending on the area of Kansas City you choose to live in will mean a variance in the overall median rent price. But right now, in October 2023, the median rental price for all property types and bedrooms in Kansas City is $1,342.
That price clearly shows there is a WIDE range of rental prices in Kansas City (in fact, anywhere from $300 to $7,600/month). Kansas City covers a large area from suburbia to city center to urban living. The good news is, rent in KC, MO, is still 34% lower than the national median.
The Kansas City Star tells us that the median rental price in KC has gone up 13% since July of 2021, but the good news is, the price rise has slowed down, and we’re seeing that the median rental price has only increased about 3.5% since this time last year (2022).
Various KC Neighborhood Rental Prices
Knowing rent prices in Kansas City vary by neighborhood, what are some examples of neighborhoods vs. prices?
- 64106 zip code – this includes the Power and Light area, smack downtown in Kansas City. You’ll see median rent prices running closer to $1,500/month.
- 64108 zip code – the neighboring area of the Kansas City Crossroads district runs a little higher around $1800/month.
- 64123 zip code – one of the lower median rent areas in Kansas City is North Indian Mound, coming in around $900/month.
- A variety of zip codes cover the Kansas City Northland with a median rent price of over $1,300/month.
Rent or Buy?
If you’re choosing to rent in Kansas City, it could be for a variety of reasons – you’re only planning to be in KC for a short amount of time, you want to live in a certain area of town without a ton of buying options in your price range, you don’t feel ready to settle down and own a home yet (or, let’s be honest, you really don’t want to have to mow a lawn or fix your own garbage disposal). Whatever the reason, we respect it!
However, if you feel ready to spend money each month that is also building equity for you, we’re ready to help find the perfect home for you. OR, if you’re ready to enter the rental market because you’re ready to invest in a home that makes you money, we’re also happy to help you find the perfect investment property.