56 Studio Apartments for rent in Overland Park, KS
February 2020 Overland Park Rent Report
Welcome to the February 2020 Overland Park Rent Report. Overland Park rents increased over the past month. In this report, we'll evaluate trends in the Overland Park rental market, including comparisons to cities throughout the metro, state, and nation.
February 2020 Overland Park Rent Report
Welcome to the February 2020 Overland Park Rent Report. Overland Park rents increased over the past month. In this report, we'll evaluate trends in the Overland Park rental market, including comparisons to cities throughout the metro, state, and nation.
Overland Park rents increased slightly over the past month
Overland Park rents have increased 0.2% over the past month, and are up slightly by 1.7% in comparison to the same time last year. Currently, median rents in Overland Park stand at $988 for a one-bedroom apartment and $1,212 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in October of last year. Overland Park's year-over-year rent growth leads the state and national averages, which both stand at 1.6%.
Rents rising across the Kansas City Metro
Throughout the past year, rent increases have been occurring not just in the city of Overland Park, but across the entire metro. Of the largest 10 cities that we have data for in the Kansas City metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Leawood has the most expensive rents in the Kansas City metro, with a two-bedroom median of $1,523; the city has also seen rent growth of 8.6% over the past year, the fastest in the metro.
- Over the past month, Liberty has seen the biggest rent drop in the metro, with a decline of 0.4%. Median two-bedrooms there cost $903, while one-bedrooms go for $736.
- Kansas City proper has the least expensive rents in the Kansas City metro, with a two-bedroom median of $895; rents increased 0.2% over the past month but remained flat year-over-year.
Overland Park rents more affordable than many large cities nationwide
As rents have increased slightly in Overland Park, a few large cities nationwide have also seen rents grow modestly. Overland Park is still more affordable than most large cities across the country.
- Rents increased moderately in other cities across the state, with Kansas as a whole logging rent growth of 1.6% over the past year. For example, rents have grown by 3.2% in Topeka and 1.6% in Wichita.
- Overland Park's median two-bedroom rent of $1,212 is slightly above the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 1.7% rise in Overland Park.
- While Overland Park's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Dallas (+2.4%), and Seattle (+1.8%).
- Renters will find more reasonable prices in Overland Park than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Overland Park.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.