Des Moines Q2 2026 Market Report

Key Takeaways

• Demand continues to outpace supply, with absorption more than doubling from a year ago and broad-based strength across all seven tracked submarkets pointing to durable renter demand.
• The construction pipeline has contracted sharply, the most significant supply-side tailwind the market has seen since the current cycle began.
• Rents have turned a corner and are modestly outpacing both Omaha, the market’s closest regional peer, and the broader national market, which remains negative, while occupancy continues a steady climb that began in late 2025.

Market Outlook

Des Moines enters the second half of 2026 with its supply cycle clearly past peak. Starts have fallen sharply and the pipeline continues to thin, while demand has stayed in step…