New Wichita apartments already affecting rents

Wichita apartment rental rates, already among the lowest in American cities, fell slightly over the past year, according to the Apartment List website.

The median rent is $520 for a one-bedroom and $640 for a two-bedroom unit, down 1.5 percent from a year ago.

Wichita has seen a flurry of apartment development in the past two years, with hundreds of new units, which tends to mean lower rents for a time.

The highest median rents in the country are in New York, at $3,370 for a one-bedroom and $4,820 for a two-bedroom unit.

This story was originally published October 3, 2016 at 9:34 AM with the headline "New Wichita apartments already affecting rents."