Figures
Omaha Multifamily Figures Q1 2025
April 10, 2025 5 Minute Read
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‒ Omaha multi-family vacancy is 5.9%, which is 30 basis points higher than last quarter and 30 basis points lower than one year ago.
‒ Average asking rents are now $1,265 per unit in the metro area, which is $20, or 1.6%, higher than last quarter, $50, or 4.1% higher than one year ago, and $256, or 25.4% higher than five years ago. By submarket, the highest average rent is $1,525 per unit in the Southwest submarket. By age, properties built between 2000 and 2024 represent the highest rent with an average rent of $1,436 per unit. Average asking rent is $1,333 per unit in the downtown area versus $1,245 per unit in suburban areas.
‒ The Omaha multi-family market delivered six properties totaling 533 units to the market during the first quarter of 2025.
‒ There are an additional sixteen properties totaling 3,000 units under construction in the Omaha market, which represents 3.6% of the current inventory. By submarket, the greatest number of units in the construction pipeline are located in the Downtown, Central and Sarpy West submarkets with 25.9%, 23.2% and 19.1% of the total number of units, respectively.