More apartments in Wichita – rent not rising?
WICHITA,KS: (WichitaKSRealty.News) All current and prospective Wichita residents should rejoice. The area is undoubtedly going through an apartment construction boom, which will mean more choices and, increasingly, a break on rent increases. Renters, too, are happy at the news and confident that their current tenants will not be scurrying anywhere anytime soon.
Developers in Wichita built over 800 units this year and more than 2,300 units since 2013, according to a recent report from NAI Martens Commercial. Better yet – there seems to be no sign of slowing the construction, either. 2017 is expected to match 2016, with two apartment projects on the west side and two downtown under construction. After 2017, a number of potential projects on drawing boards are floating around, and the list goes on.
It had taken over 2 decades of stagnated population growth and rent demand to get the Wichita construction industry back on its feet. Local developers have successfully reignited an apartment-building flurry, follow two deep recessions, a housing bubble and a credit crisis. It is worth noting that aiding these developers are low interest rates and billions of dollars in investment money searching for high-return projects.
It no doubt took a long time for that money to find its way to Wichita, but it is undoubtedly here now. The city is in the middle of its busiest apartment cycle in the last 20 years.
Wichita renters will no longer be forced to raise their rents for another consecutive year. In past years, living options were tight, and they were able to steep their prices unfairly. Now, if you’re a buyer or renter, your options just got a whole lot cheaper and more abundant. Take advantage of the incoming buyer’s market while there’s a ton of selection on the market, and be sure to bargain with a rental price if you think there is any wiggle room.