WICHITA, Kan. (KSNW) – More luxury apartments are being built in Wichita. Some believe the high dollar rentals will continue to grow.
The latest luxury apartment to go up is the Sycamore 225 Apartments in Delano. The complex has a pool, golf simulator, full-sized gym and several other amenities.
In the last few years, similar complexes have popped up in and around the downtown area.
EPC Real Estate Group Vice President Austin Bradley, who has developed several of these properties, said there is a spark in the interest for these apartments in Wichita.
“We saw an opportunity to fill that void and provide that lifestyle housing option,” said Bradley.
The Sycamore 225 Apartments rent anywhere from $995 to nearly $3,700 dollars, depending on the bed and bath. The complex is still being built and won’t be done until June, but currently, 40% of the units are under contract.
“I’d say half of our tenants are locating to Wichita, due to job growth in many jobs,” said Bradley. “The other half is a combination of individuals that live in Wichita, maybe in the suburbs that want to move down to the urban core.”
WSU’s Economic Development Director Jeremy Hill said some high-end manufacturing jobs took a hit during the pandemic but are coming back. He said it creates a bigger want for these high-end apartments. Not only that, Wichita doubled the amount of high-income households from 2010 to 2019.
“There’s over 11,000 households with the very highest income of $200,000 a year, so yes, we had this bigger share of just the population fitting that criteria,” said Hill.
Hill said the pandemic has people wanting more flexibility. He said especially with baby boomers retiring and millennials moving into stable careers, both are wanting to have more options with living.
“A luxury kind of living, especially in apartments, is more appealing to that market,” said Hill.
Bradley said they are already looking into putting other luxury apartments in Wichita, because the demand is high, the city leaders are great, and Delano is booming.