Q3 2021 Multifamily 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 in 2020 with just over 300 units completed. This decline is partially attributed to COVID-19 with plans for construction delayed due to work shutdowns, uncertainty of the pandemic’s impact on the market, and sharp price increases on material.