Updated 2026 · Based on median market data for Hays, KS
The median monthly rent in Hays, KS is $890, translating to $10,680 in annual gross rental income per unit. The rent-to-price ratio is 0.38% — well below the 1% rule, making pure cash flow investing challenging at median prices and requiring investors to target below-median purchases or value-add strategies. For context, a 0.38% rent-to-price ratio means that for every $100,000 invested in property, you collect approximately $379/mo in gross rent. The gross rent multiplier of 22.0x means it takes 22.0 years of gross rent to equal the purchase price — a high ratio that reflects price appreciation outpacing rent growth.
Renters in Hays spend approximately 19% of the local median household income ($55,200) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. The 30% affordability ceiling puts maximum supportable rent at approximately $1,380/mo — a full $490/mo above the current median of $890. This gap represents real upside for landlords who invest in property upgrades that justify premium rents.
The vacancy rate in Hays is 5.3%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Budget for one month of vacancy per year in your underwriting to be conservative. Population growth of 0.7% annually provides stable demand.
Hays's GRM (price divided by annual rent) is 22.0x. A GRM above 16x means the property is expensive relative to its income. Investors here are typically betting on appreciation rather than current cash flow, which adds risk if the appreciation thesis does not materialize. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x. To beat Hays's median GRM, target properties where you can achieve rents above $890 through renovations, better marketing, or targeting underserved tenant segments — or buy at a discount to the $235,000 median price. Every point lower on GRM translates to roughly 0.5-0.8% improvement in your cap rate.
At the median rent of $890/mo, a single-family rental in Hays generates approximately $10,680 in gross annual income. After accounting for 5.3% vacancy ($566 lost), property taxes of $3,243, insurance (~$940), and maintenance (~$940), the estimated NOI is $4,991 per year, or $416/mo. Adding an 8% management fee ($854/yr) reduces investor cash flow further. Before debt service, you are looking at approximately $4,137/yr in landlord net income. Whether this is attractive depends on your total capital invested — at a $47,000 down payment, the unlevered yield on equity from NOI alone is 10.6%.
Rent growth in Hays is driven by the interplay of population growth (0.7%), income growth, and housing supply constraints. Moderate population growth of 0.7% supports steady rent increases of approximately 2.5% per year. That trajectory takes today's $890/mo to $958 in 3 years and $1,007 in 5 years. The affordability headroom of $490/mo between current rents and the 30% income threshold provides substantial room for rent increases without pushing tenants into financial stress.
With a median income of $55,200 and affordable home prices ($235,000), many tenants in Hays are working families and individuals who could buy but choose to rent — or are saving for a down payment. This creates a reliable tenant base that values stability and tends to stay longer, reducing turnover costs. In a smaller market of 50,000 residents, word-of-mouth and local listing platforms may be more effective than national sites for finding tenants.
Hays is a smaller market where professional PM options may be limited. Fees can run 10-12% of rent, and the quality of available managers varies widely. At $890/mo, management costs roughly $98/mo. Self-management makes sense if you are local, have fewer than 5 units, and the rent level justifies your time — at $890/mo, management fees consume a large percentage of your cash flow — self-management may be necessary to maintain positive returns on smaller portfolios.
Hays vs Kansas state average and national average across key investment metrics. Hays's cap rate is below both benchmarks — deal sourcing is critical here.