Being in the multifamily real estate industry, we often hear people say Omaha is overdeveloped with apartment complexes. It is true that several apartment complexes are popping up around the area. However, even with the nearly 700 units built in Omaha this year, the metro is still underdeveloped. According to Costar:
- Omaha’s current is 74,900 units
- There are 2,288 units under construction
- Occupancy is at 96%
- The average occupancy 12 months after being built in Omaha is 51%, compared to 35% nationally
Omaha’s vacancy rate is at an all-time low at 4.1%. As of Q3, demand has outpaced new supply in the metro by over 2,000 units. What does this mean? Omaha needs an additional 2,000 units annually to meet demand. Omaha’s vacancy rate has decreased by over 37% in the last year alone. The increase in demand has also spiked rent prices in Omaha, which are up 6% YTD.
The demand for townhome-style apartments in Omaha is high. There are so few of this style in Omaha, Costar doesn’t have data on the product. The lack of supply has led us to create the Apartminium: a curated development that combines the convenience of renting with the comforts of condominium life. This style of apartment living has proven to be successful at one of our most recent developments, Ravello 192. Occupancy at the property has continuously surpassed the original underwriting since being developed.
Metonic is proud to be meeting the demand of the Omaha metropolitan area. In the past two years, we have added over 300 units to Omaha’s multifamily inventory, are currently under construction on an additional 175, and have over 500 in our pipeline for 2022.
To learn more about Metonic and our development process, visit Metonic.net or email us at email@example.com.