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

In Trego County, investors hold a significant 29.9% of the Single-Family Residential market, totaling 303 properties out of 1,014 available.

The ownership landscape is overwhelmingly dominated by 304 individual landlords who own 277 properties, representing 91.4% of the investor portfolio. In contrast, 18 companies own the remaining 26 properties (8.6%).

A defining characteristic of this market is the complete absence of financing; 100% of the 303 investor-owned properties are held as cash assets. This suggests a market of lower-cost housing or investors with significant liquidity.

The portfolio is heavily geared towards rentals, with 293 properties designated as rented, confirming that the vast majority of investor-owned homes serve as rental housing stock for the county.

The data reveals a stark contrast between the number of landlords (322) and the number of properties they own (303), indicating that a significant portion of the market consists of co-owned properties or entities owning just a single property.

The Trego County real estate market showed no acquisition activity from investors in Q4 2025, making a price comparison between landlords and traditional homeowners impossible for the current period.

The lack of recent transactions prevents any analysis of pricing trends or the typical discount investors might achieve. The market's low velocity means pricing data is sparse or non-existent for recent timeframes.

Historical data from the 2020-2023 period indicates an average acquisition price of $61,169, though this figure is based on a recorded zero properties purchased during that timeframe, highlighting a prolonged period of market illiquidity.

Without active purchasing, it is impossible to determine if a price gap between landlords and homeowners exists or how it might have trended over time.

The absence of purchasing data across multiple periods suggests a highly stable or stagnant market where properties rarely change hands among investors.

The investor market in Trego County was completely dormant in Q4 2025, with landlords making zero purchases out of zero total SFR sales recorded in the county.

This lack of activity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who dominate the ownership landscape, recorded zero purchases for the quarter.

Similarly, mid-size and institutional investors were also absent from the market, with zero properties acquired in Q4 2025.

The stagnation is further evidenced by the fact that no new landlords entered the market; the single-property (Tier 01) category, which typically represents new entrants, saw zero new entities and zero properties purchased.

This complete cessation of purchasing activity points to a highly illiquid market environment where assets are not being transacted, at least within the investor segment.

The investor landscape in Trego County is defined by the absolute dominance of small landlords. Mom-and-pop investors (owning 1-10 properties) control 95.9% of all investor-owned SFRs.

This concentration is most pronounced at the smallest scale, where single-property landlords alone hold 190 properties, accounting for 59.7% of the total investor portfolio.

The next largest tiers are also small-scale, with landlords owning 3-5 properties holding a 16.7% share (53 properties) and those owning 6-10 properties holding a 10.1% share (32 properties).

In stark contrast to national trends, there is zero presence from institutional investors (Tier 09, 1,000+ properties) in the county.

Mid-size investors are also exceedingly rare, with the 11-20 property tier holding just 12 properties (3.8%) and the 51-100 tier holding a single property (0.3%), reinforcing the market's hyper-local, small-investor character.

Individual investors are the primary owners in every single investor tier in Trego County, with no crossover point where companies become the majority.

In the largest segment, single-property landlords, individuals own 181 of the 190 properties, a commanding 95.3% share. Companies own just 9 properties (4.7%) in this tier.

This pattern of individual dominance continues up the scale. In the 3-5 property tier, individuals own 83.0% of homes, and in the 6-10 property tier, they own 93.8%.

Companies have their highest market share in the 2-property and 3-5 property tiers, but even there, they only account for 16.7% and 17.0% of properties, respectively.

Signifying their limited footprint, companies have zero properties in the 11-20 property tier, which is entirely owned by individual investors.

Investor activity in Trego County is not evenly distributed but concentrated in specific zip codes. The area of 67631 stands out with an investor ownership rate of 81.2%, where 52 of the properties are landlord-owned.

Another zip code, 67521, registers a 100.0% investor ownership rate, suggesting a very small area where all properties may be investor-held, though the total property count is not specified.

The largest volume of investor properties is found in 67672, with 232 properties. However, this area has a more moderate ownership rate of 25.6%, indicating it's a larger residential area where investor presence is notable but not as saturated.

This data highlights a clear distinction between regions with the highest *count* of investor properties versus those with the highest *percentage*, revealing different market dynamics within the same county.

Areas like 67637 (42.9% rate) and 67656 (36.8% rate) further confirm the pattern of hyper-localized pockets of high investor concentration.

A critical finding for Trego County is the complete absence of historical transaction data for landlords, which severely limits insights into market dynamics.

Without buy and sell records, it is impossible to determine whether landlords have historically been net buyers or net sellers, or to calculate any buy/sell ratio.

The lack of data also means there is no visibility into inter-landlord trading activity, such as the percentage of properties bought from or sold to other investors.

This absence extends to the institutional tier, which has no presence in the county and therefore no transaction history to analyze.

Ultimately, the lack of historical transaction data is itself an insight, strongly suggesting a market characterized by long-term holds and extremely low liquidity, where properties rarely trade hands.

The transaction market in Trego County came to a complete halt in Q4 2025, with zero total transactions recorded, resulting in a 0.0% landlord share.

This inactivity was consistent across all investor sizes, from single-property landlords to the largest entities in the county. No tier recorded a single buy or sell transaction.

Consequently, it is not possible to compare average purchase prices between different investor tiers, as no acquisitions took place.

The data also shows zero inter-landlord trading activity. No properties were purchased from other landlords, which is expected in a quarter with no transactions whatsoever.

The Q4 transaction data corroborates findings from other sections, painting a clear picture of a dormant and illiquid real estate investment market.