The Wichita Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020, we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Wichita Rental Market Trend Analysis
In the first quarter of 2020, active listings reported for Wichita were not as volatile compared to other cities. January through March showed seasonally trending month-over-month gains. April and May posted declines of 38% and 62%, which is off seasonally but on par with other cities during COVID. Moving into 2021, listing growth declined and posted a 52% loss during February, but March showed exceptional growth with a 110% increase, while April erased most of that growth with a 24% decrease followed closely by May at a 31% decrease.
Renter Leads and Average Leads Per Property
Demand on the renter side in Wichita was strong in 2020 and seems to continue to remain strong in the first half of 2021. In the first quarter of 2020 demand was increasing, and March posted the highest average lead count at 62 per property. May 2021 came in slightly lower than the other numbers so far this year, with only 25 leads per property.
Year-over-year, the average rent amount for a two-bedroom listing in Wichita has held steady and was mostly stable throughout 2020. January of 2021 saw nearly a $100 year-over-year increase but has since decreased and stabilized to 2020 numbers. Although May was down by over $100 compared to 2020, June is showing on average $100 higher than 2020 numbers.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.