Business

July 2, 2014

New report says area apartment vacancies remain low

Wichita ranked 32nd among 79 metro areas in the country that have low apartment vacancy rates, according to a report released Wednesday by Reis Inc.

Wichita ranked 32nd among 79 metro areas in the country that have low apartment vacancy rates, according to a report released Wednesday by Reis Inc.

The New York-based commercial real estate analysis firm said that in the second quarter of 2014, the Wichita area had an apartment vacancy rate of 3.6 percent.

Reis said in the report the Wichita area apartment vacancy rate declined 0.2 percent compared with the second quarter of 2013. That year-over-year vacancy rate decline put Wichita at No. 18 in the country among metros with the largest decline in apartment vacancies, Reis said

Reis said the average effective apartment rent for the Wichita area was $550 a month. That was a 0.5 percent increase in average effective rent from the same quarter a year ago, Reis said.

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