Kansas City, MO Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Kansas City's multifamily market continued to demonstrate steady, sustainable fundamentals in Q1 2026, with absorption outpacing deliveries by approximately 200 units. Total inventory reached 190,759 units following 683 deliveries during the quarter, while approximately 6,957 units remained under construction across all 11 submarkets, with Lee's Summit/Blue Springs/Raytown carrying the highest pipeline at 1,193 units. Net absorption totaled 858 units, keeping vacancy essentially flat at 4.5%, up just 10 basis points year-over-year and among the tightest rates of any major U.S. market. Effective rents grew 3.2% year-over-year to $1,410 per unit ($1.49 per square foot), outpacing the national average of 1.7% over the same period, and extending Kansas City's streak of outperforming national rent growth over the one-year, three-year, and five-year windows. South Kansas City/Grandview (7.7%), Independence/East Kansas City (6.6%), and Clay County (6.0%) led all submarkets in annual rent growth. On the investment side, eight transactions closed in Q1, including Residences at Prairie Fire (426 units) and Overland Station (300 units), with Price Brothers among the most active buyers in the market.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Kansas City Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across 11 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.