Lincoln, NE Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Lincoln absorbed 1,394 units over the trailing 12 months in Q4 2025, steadily outpacing the prior year's pace despite a wave of new deliveries that pushed vacancy to 7.7%. The more notable shift is in the pipeline: units under construction collapsed to 465 from nearly 2,000 a year ago, well below the 10-year annual average of 1,187 units. That supply pullback sets a clear path toward tighter conditions ahead. Asking rents averaged $1,203 per unit, growing 1.7% annually, and remain well below the national average. Cap rates held at 7.8%, and three transactions above $20 million closed during the period, reflecting continued investor interest in Lincoln's affordability-driven fundamentals.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Lincoln Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.