Chase (KS) Investor Pulse Report (2025-Q4)

Investor ownership in Chase County is exceptionally high, with landlords holding 392 of the 861 available Single-Family Residential properties, a market penetration of 45.5%.

The market is characterized by small-scale, individual ownership rather than corporate landlords. Individuals own 310 properties (79.1% of the investor portfolio), while companies own the remaining 84 properties (21.4%).

By entity count, the disparity is even greater, with 424 individual landlords compared to just 67 company landlords, indicating a highly fragmented market composed of many small players.

A strong preference for all-cash holdings is evident, with 344 properties owned outright compared to only 48 that are financed. This suggests a low reliance on leverage among local investors.

The portfolio is almost exclusively dedicated to rentals, as 99.0% of investor-owned properties (388) are non-owner-occupied, underscoring the business focus of these holdings.

Investor purchasing activity has been extremely low, with no acquisitions recorded in Q4 2025. The most recent data from Q3 2025 reveals a highly unusual pricing dynamic.

Contrary to common market trends, landlords paid a significant premium, averaging $178,125 per property in Q3 2025. This was 109.9% higher than the average price paid by traditional homeowners ($84,875) during the same period.

This price gap represents an absolute premium of $93,250 per property, a finding that defies the typical narrative of investors securing properties at a discount.

The low transaction volume, with zero landlord purchases in Q4 2025, Q2 2025, and Q1 2025, suggests an illiquid market where pricing can be heavily skewed by a small number of atypical transactions.

Comparing historical periods, the pandemic-era (2020-2023) average price was $108,346, indicating significant price volatility in this low-volume market.

Investor acquisition activity in Chase County came to a complete standstill in Q4 2025, with landlords purchasing zero of the zero total SFRs sold during the quarter.

This lack of activity was universal across all investor sizes, from new entrants to large-scale players. Mom-and-pop landlords (1-10 properties) recorded zero purchases.

Similarly, mid-size and institutional tiers also reported no new acquisitions, reflecting a broad-based pause in investor purchasing across the entire county.

The absence of new purchases means no new landlords entered the market in Q4, a significant slowdown compared to previous periods of activity.

This market freeze is the most significant finding for the quarter, pointing to potential shifts in local market conditions, a lack of desirable inventory, or a wait-and-see approach from the investor community.

The investor landscape in Chase County is overwhelmingly dominated by small-scale, mom-and-pop landlords, who own 99.8% of all investor-held SFR properties.

First-time or single-holding investors (Tier 01) represent the largest segment by a wide margin, controlling 326 properties, which accounts for 80.9% of the entire investor portfolio.

The concentration at the small end of the market continues with two-property landlords holding 11.7% of properties, and those with 3-10 properties controlling another 7.2% combined.

In stark contrast, there is a complete absence of large-scale institutional ownership. Investors with portfolios of 1,000 or more properties (Tier 09) have a 0.0% share in the county.

This market structure signifies a highly fragmented rental market, dependent on the decisions of hundreds of small, local landlords rather than a few large corporations.

Individual investors form the foundation of property ownership across every portfolio size in Chase County, reinforcing the mom-and-pop character of the market.

Among single-property landlords, individuals own 278 properties compared to just 50 owned by companies, an 84.8% individual share.

Even as portfolio sizes increase, individuals maintain their majority. In the two-property tier, individuals own 66.0% of properties, and in the 3-5 property tier, they own 68.8%.

Unlike in larger urban markets, there is no crossover point where corporate ownership becomes dominant. Companies fail to achieve a majority share at any tier in this county.

This consistent pattern of individual control suggests that the local rental market is primarily driven by personal investment strategies rather than corporate acquisition programs.

Investor ownership in Chase County is not evenly distributed, but instead shows intense concentration in specific zip codes.

The zip code 66846 stands out with an extraordinary 73.9% of its Single-Family Residential properties owned by investors, indicating this area is a primary focus for landlords.

Significant investor penetration is also seen in zip code 66869, where landlords own 48.8% of the housing stock, and 66850, with a 47.4% ownership rate.

In terms of raw counts, the zip code 66845 holds the most investor-owned properties at 160, representing a 42.0% ownership rate in that area.

These pockets of high concentration suggest that investors are targeting very specific local communities within the county, dramatically shaping the housing landscape in those areas.

Historically, landlords in Chase County have been net accumulators of property, albeit with very low transaction volumes.

Throughout 2025, investors were net buyers, adding 2 properties to their collective portfolio with 5 purchases and 3 sales recorded.

This continues a trend from 2024, which saw a more active pace of accumulation as landlords purchased 10 SFRs and sold only 2, resulting in a net gain of 8 properties.

The most recent quarter with activity, Q2 2025, showed a balanced market with 2 buys and 2 sells, indicating a neutral position before activity halted completely in Q3 and Q4.

The persistently low number of total transactions underscores the illiquidity of the local market and the 'buy and hold' strategy prevalent among owners.

The final quarter of 2025 was marked by a complete absence of investor transaction activity in Chase County. Landlords were involved in 0 of the 0 total SFR transactions.

This inactivity was consistent across all investor tiers, from the smallest mom-and-pop owners to the largest entities in the county. No tier recorded a single purchase or sale.

Consequently, no analysis of Q4 pricing strategies is possible, as the average purchase price for every tier was $0.

The lack of transactions also means there was no liquidity provided by inter-landlord sales. The percentage of properties bought from other landlords was 0% across the board.

This data points to a market in a state of hibernation, with both buyers and sellers on the sidelines as the year concluded.