Wichita-area apartment vacancy rate remains flat from a year ago, report says

The Wichita area ranked 30th out of 79 metropolitan areas in apartment vacancy rates in the country, according to preliminary third quarter data from a New York-based real estate analysis firm.

Reis Inc. said Thursday that the area’s vacancy rate in the quarter ended Sept. 30 was 3.5 percent. That was down nearly 1 percent from the same quarter a year ago.

The average effective rent in Wichita in third quarter 2014 was $543, Reis said. That was up 2.6 percent from third quarter 2013.

The New Haven, Conn., area had the lowest third quarter 2014 vacancy rate in the country, at 2.1 percent, while Memphis, Tenn., had the highest during the period, at 8.5 percent, Reis said.

This story was originally published October 2, 2014 at 10:40 AM with the headline "Wichita-area apartment vacancy rate remains flat from a year ago, report says."