Omaha Multifamily Figures Q4 2023

January 5, 2024 5 Minute Read

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- Omaha multi-family vacancy is 6.1%, which is 30 basis points higher than last quarter and 140 basis points higher than one year ago.

- The Omaha multi-family market delivered 3 properties totaling 630 units to the market during the fourth quarter of 2023, bringing the total for the year to 2,761 units. Another 1,685 units are under construction in the market. Approximately 43% of these units are located in the Southwest submarket, followed by 20.7% located in the North/Northwest submarket. 

- Average asking rents are now $1,168 per unit in the metro area, which is 3.2% higher than one year ago and 22% higher than five years ago. By submarket, the highest average rent is $1,356.57 per unit in the Southwest submarket. By age, properties built between 2000 and 2023 represent the highest rent with an average rent of $1,346 per unit.

-According to RentCafe, Omaha remained in the top 10 U.S. most competitive rental markets in 2023. The metro also ranked sixth overall for new development. On average, there were 13 prospective renters per apartment, while 63.9 percent renewed their leases. The market also boasted the lowest number of days that an apartment remained vacant for – 28, 10 days below the U.S. average.