2022 Multifamily Market Update

New development in the Wichita market was steady from 2013 to 2019, adding approximately 650 units to the market each year. However, development experienced a sharp decline from 2020 through 2022 with under 1,000 units completed during this three-year timeframe. This decline is primarily attributed to COVID-19 with plans for construction delayed due to work shutdown and uncertainty of the pandemic’s impact on the market during the early phases of COVID-19.