Invest In Apartment Buildings In Salina, KS

Who Rents In Salina

About 35.9% of households in Salina, KS rent their home. That's 7,000 renter households, according to the Census Bureau's ACS 2020–2024 estimates. Renter households held about flat over five years, close to the population trend (down 1.5%).

Median household income in Salina, KS is $61,783, up 22.4% over five years. Resident employment held about flat and the unemployment rate was 5.2% in the latest survey. Rent and income have moved at a similar pace (26.5% and 22.4%), so affordability hasn't shifted much.

Renters are a large minority in Salina. Buildings close to employers and main roads usually see the steadiest demand.

Salina Rent Trends And Supply

Median gross rent in Salina, KS is $959 a month, up 26.5% from $758 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's fast growth. Part of it reflects the national rent run-up of 2021 and 2022, and some of it can fade when new buildings open nearby, so we don't project the same pace forward.

Rental vacancy is 1.7%, which is tight. Vacant units in Salina tend to lease quickly. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 41.6% of renters spend 30% or more of their income on housing. That is close to the national picture, where roughly half of renters do, so rent increases need to track local wage growth.

About 9.9% of homes in Salina are in buildings with 5 or more units, roughly 2,070 homes. That count rose 10.2% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1965. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start.

Salina By The Numbers

Out of 17 Kansas cities in our data, Salina comes in 16th for median gross rent, 12th for renter share and 9th for five-year rent growth. Its rents sit near the bottom of the group, which keeps it affordable for tenants but also caps what renovations can earn. Put in counts rather than percentages, that is roughly 691 fewer residents and 192 more homes in buildings with 5 or more units than five years earlier.

How Salina Compares With The Kansas Average

Salina's median gross rent of $959 is below the Kansas median of $1,060, and its renter share is 35.9% compared with 32.8% statewide.

Rent Versus Income In Salina

The median rent in Salina works out to $11,508 a year, about 18.6% of the median household income of $61,783. Under the common 30% guideline, a household needs about $38,400 a year to cover that rent comfortably. That's a heavier load than the Kansas average of 17.1%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $201 a month ($2,412 a year), while median household income rose $11,307 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal.

Salina Apartment Market Key Facts

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Salina, KS has 46,307 residents, down 1.5% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Salina, KS is $61,783, up 22.4% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Salina, KS is $959 a month, up 26.5% over five years (U.S. Census ACS 2020–2024).
• 35.9% of households in Salina, KS rent, about 7,000 renter households (U.S. Census ACS 2020–2024).
• 9.9% of homes in Salina, KS are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Salina, KS is 1.7%, and 41.6% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Salina, KS was built in 1965 (U.S. Census ACS 2020–2024).

What We Look For In A Salina Apartment Building

We look at buildings with 5 or more units in Salina, from small walk-ups to larger garden-style communities, in stabilized or value-add condition. We compare in-place rents with nearby buildings, inspect roofs, plumbing and HVAC, and ask whether better management or targeted renovation can close the gap with the market.

Property taxes are a big line item for any Kansas apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Kansas has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Kansas reflect hail and wind damage, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Questions To Ask About An Apartment Syndication In Salina

The data on this page turns into a short checklist for evaluating an apartment syndication in Salina.

• What vacancy does the plan assume? Rental vacancy in Salina is 1.7%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 26.5% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Salina was built in 1965, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Salina rose 10.2% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Salina Apartment Syndication Works

Two groups make an apartment syndication work. The sponsor, or general partner, handles the deal: finding the building, financing it and running the business plan. The limited partners are passive investors who contribute capital and share in the property's results under the offering's terms.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Salina or elsewhere and you're eligible, we'll reach out privately with the details.