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

Market Overview

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Omaha's multifamily market absorbed a meaningful wave of new supply through 2025, with vacancy rising to 8.9% as deliveries added to inventory. The pipeline is now pulling back, with units under construction falling to 3,502 from 5,596 a year ago, approaching long-term norms. Demand held up: net absorption totaled 1,716 units for the trailing 12 months, and rent growth of approximately 2.4% year-over-year outpaced the national average. Asking rents averaged $1,274 per unit, well below the national benchmark, providing a structural affordability advantage. Cap rates held flat at 7.1% for four straight quarters, and sale pricing firmed to $115,968 per unit. As new inventory is absorbed, the market is positioned for gradual tightening.

‍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 Omaha 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.