Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The market in ZIP code 64637 presents a dynamic environment for landlords and small-portfolio investors. The Fair Market Rent (FMR) stands at $1050 for the fiscal year 2024, indicating a benchmark for rental prices in the area. However, the actual market rent is currently at $575, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that the current rental prices are significantly below the FMR, potentially signaling an oversupply of rental units or a market where demand has yet to catch up with the supply.
The median home value in the area is $338,072, which reflects the overall property values but does not directly correlate with the rental market dynamics. The fact that the data does not provide a percentage for price-cut share or days on market (DOM) indicates either a lack of recent sales activity or that the market is stable enough to not require significant adjustments in pricing or time to sell.
A noteworthy figure is the 30.4% renter share, which highlights a substantial portion of the population that relies on rental properties. This high proportion of renters can be indicative of long-term housing pressure, suggesting that many residents may not have the financial means to purchase homes. As a result, landlords and investors should anticipate a steady demand for rental properties, even if current prices are lower than the FMR.
The snapshot of the market reveals a situation where supply may currently outpace demand, given the disparity between FMR and market rent. However, the significant renter share implies that there is a built-in demand for rental properties, which could lead to gradual increases in rental prices over time as the market adjusts to the balance between supply and demand.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.