Omaha Multifamily Figures Q4 2025

Omaha multi-family vacancy is 8.3%, which is 110 basis points higher than last quarter and 270 basis points higher than one year ago.

Average asking rents are now $1,288 per unit in the metro area, falling for the first time since the first quarter of 2010. Average asking rents are $5.00, or 0.4%, lower than last quarter, but are $53.00, or 4.3% higher than one year ago, and $134, or 11.6% higher than three years ago. By submarket, the highest average rent is $1,582 per unit in the Southwest submarket. By age, properties built between 2000 and 2025 represent the highest rent with an average rent of $1,478 per unit. Average asking rent is $1,300 per unit in the downtown area versus $1,287 per unit in suburban areas.

The Omaha multi-family market delivered two properties totaling 657 units to the market during the fourth quarter of 2025, bringing year-to-date deliveries to 3,793 units.

There are an additional 21 properties totaling 3,218 units under construction in the Omaha market. By submarket, the greatest number of units in the construction pipeline are located in the Central, Downtown and Southwest submarkets with 27.7%, 17.5% and 16.9% of the total number of units, respectively.