Omaha Multifamily Figures Q2 2023

July 11, 2023 10 Minute Read

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Omaha multi-family vacancy is 5.7%, which is 50 basis points higher than last quarter and 60 basis points lower than one year ago.
The Omaha multi-family market delivered 6 properties totaling 618 units to the market during the second quarter of 2023, bringing the total year-to-date figure to 1,705 units.
Another 2,610 units are under construction in the market. Approximately 47.3% of these units are located in the Southwest submarket, followed by 20.2% located in the North/Northwest submarket.
Average asking rents are now $1,164 per unit in the metro area, which is 5.0% higher than one year ago and 23.7% higher than five years ago.
By submarket, the highest average rent is $1,352.53 per unit in the Southwest submarket, while the lowest average rent is $959.82 per unit in the South submarket.
By age, properties built between 2000 and 2023 represent the highest rent with an average rent of $1,361.70 per unit.