Omaha, NE Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Omaha's multifamily market shifted toward balance in 2025 as elevated construction outpaced leasing demand. Vacancy climbed 230 basis points year-over-year to 8.2%, with pressure concentrated primarily in newly delivered Class A properties, while established assets remained comparatively stable. Developers delivered 3,419 units for the year, led by Downtown Omaha and Midtown, and the pipeline remains active at 4,743 units under construction. Against that supply backdrop, rents still managed a 2.0% annual gain, reaching $1,249 per unit, supported by elevated replacement costs and sustained demand for newer product. Net absorption totaled 1,692 units, healthy in absolute terms though down from the prior year. Investment activity was measured: 2,293 units traded for roughly $245 million, averaging $107,000 per unit. Omaha's 3.2% unemployment rate and diversified economic base continue to underpin renter household formation as the market works toward stabilization.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Omaha Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across 14 submarkets to help owners and investors assess local market conditions. To read the full report, click here.