Rental Market Report for Topeka, Kansas (2020–2025)
Based on data from AnalystX, April 23, 2025
Introduction
Over the past five years, Topeka’s rental market has grown slowly but steadily. Rents have gone up, but the city is still much cheaper than many places across the U.S. As of April 2025, the average rent in Topeka is $1,067, which is still considered affordable. At the same time, the number of people renting homes has increased, and more investors are starting to pay attention to Topeka.
What the Market Looks Like Today
Rent prices in Topeka aren’t the same across every website. For example:
- Zumper says the average rent is $875.
- Zillow says it’s $1,450.
This difference comes from how each company collects data. On average, rent costs about $1.05 per square foot.
Right now, there are about 302 rental homes available, according to Zillow. Short-term rentals like Airbnb also play a role in the market. Airbnb hosts have a 61% occupancy rate and earn about $23,000 a year from rentals.
Trends Over the Last 5 Years
Rents have been rising steadily:
- Since 2016, rent has gone up by about 3.8% each year.
- In 2025 alone, it rose by 8.7%, according to Apartment List.
What’s causing this?
- More seniors are living in Topeka—this group is growing 2.4% each year.
- Fewer people are buying homes. Homeownership dropped from 63% in 2020 to a projected 58% in 2025. More people are choosing to rent.
Types of Rentals and Prices
There’s a wide range of rental prices in Topeka:
- Apartments: Around $779 for a one-bedroom, $896 for a two-bedroom.
- Houses: About $1,175 per month.
- The lowest rent listed is $190, while the highest is $2,595.
Major Players in the Market
Some of the biggest property management companies include:
- CONAM Group: Manages 1,000 to 5,000 local units.
- Haus Property Partners: Manages both homes and business properties (61% occupancy rate).
- Eucalyptus Real Estate: Manages 200–500 mid-priced homes.
Other companies like Van Rooy and Orion Property Group manage rentals across the region. Epic Property Management focuses on cheaper rental units.
Most renters and buyers are finding homes through websites like Zillow and Redfin, which now influence over 70% of home searches from outside the area.
Current Trends in Topeka Rentals
Here are some big things happening in the market:
- Affordable—but incomes are tight: Rent is low compared to the U.S. average, but incomes aren’t rising fast enough. Topeka’s average income is $50,066, which supports rent up to $1,250/month. Still, 25% of renters earn less than that.
- Seniors need housing: About 18% of new rental units are designed for older adults.
- Short-term rentals growing: Airbnb and similar services are doing well.
- Zoning laws: Rules are easier on short-term rentals, but it’s harder to build new apartment buildings.
What Topeka Does Well
Here’s why investors and renters still like the Topeka market:
- It’s affordable: Rent is 21–54% cheaper than the U.S. average.
- Low unemployment: Only 3.2% of people are unemployed (better than the national 3.9%).
- Lots of choices: From $190 studios to $2,595 luxury homes, there’s something for everyone.
Problems in the Market
There are some things Topeka needs to work on:
- Slow wage growth: Incomes are going up only 2% per year (the national average is 3%).
- Old buildings: 40% of rentals were built before 1980 and may need updates.
- Confusing data: Rent prices vary widely depending on which website you check.
Opportunities for the Future
Topeka can grow its rental market in smart ways:
- More senior housing: With more seniors moving in, the city can build more age-friendly homes.
- Smarter pricing tools: More landlords are starting to use online tools that help them set better rental prices.
- Working with the city: Public-private partnerships can help build affordable housing.
Risks and Concerns
There are also a few risks that could slow growth:
- High interest rates: It costs more to borrow money for building or buying rental properties.
- Nearby cities competing: Cities like Lawrence have similar rent prices but attract more wealthy renters.
- Job market risk: Topeka depends heavily on government and healthcare jobs (40% of all jobs), which could be risky during a downturn.
What’s Coming Next (2025–2030)
Here’s what to expect over the next five years:
- Rent will keep rising: Expected to go up by 2.1% each year.
- Fewer homeowners: The homeownership rate may drop to 55% by 2030.
- More out-of-town investors: About 71% of rental property views now come from people outside the area.
What Should Be Done
To help the rental market stay strong, here are four smart steps:
- Build more affordable housing: Use tax breaks to help create homes with rent under $800/month.
- Fix older buildings: Upgrade homes built before 1980 with better insulation and modern features.
- Make rent info more accurate: Set up standard ways to report rent data across websites.
- Support senior renters: Work with healthcare providers to create homes for seniors that are safe and comfortable.
Final Thoughts
Topeka’s rental market is affordable, diverse, and growing—but there’s still work to do. With rising rents, a growing senior population, and strong interest from investors, it’s important to keep improving housing options and support renters at all income levels. If the city keeps investing in smart upgrades and affordable options, Topeka can build a rental market that’s ready for the future.
