Omaha, NE Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Omaha's multifamily market demonstrated steady demand in Q1 2026, with 432 units absorbed, outpacing the 376 units absorbed one year ago. Total inventory reached 106,028 units following 306 deliveries during the quarter, with nearly 4,000 units delivered over the past year, representing 3.8% inventory growth. Overall vacancy rose to 8.0%, up 170 basis points year-over-year, driven by elevated new supply, while 5,552 units remained under construction. The Downtown Omaha submarket led development activity with 988 units underway, followed by Elkhorn with 825 units. Several notable office-to-apartment conversions are also adding to future supply, including the former FNBO headquarters being redeveloped into 300 units and the Central Park twin-tower complex adding approximately 700 units. Effective rents grew 1.6% year-over-year to an average of $1,258 per unit ($1.39 per square foot), with Elkhorn commanding the highest rents in the metro at $1,627 per unit. Investment activity remained active with 883 units trading in Q1 totaling $137.9 million, highlighted by the sale of Apex at Twin Creek (240 units, $44.2M at $184K per unit). Investor sentiment remains positive given Omaha's affordability, consistent rent growth, and strong long-term fundamentals across all 14 submarkets.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Omaha Multifamily MarketBeat report, produced in partnership with Lund Company, tracks vacancy, absorption, effective rents, deliveries, and construction activity across 14 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.