Trailing 12-month absorption of 1,778 units fell short of the 2,028 units delivered, sustaining lease-up competition, but demand has more than doubled from 728 units one year ago, signaling durable underlying demand.
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Supply pressure is easing materially, with the pipeline contracting 41% and starts declining by 63% over the past year, pointing to a significantly lighter delivery environment through 2026 and into 2027.
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Average effective rents of $1,147 reflect a 0.4% annual decline, while stabilized occupancy of 92.1% is down 60 bps annually. Both metrics are stabilizing, with rent growth projected to reach 1.1% by Q4 2026.
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MARKET OUTLOOK
Des Moines's near-term setup points to gradual improvement as deliveries ease and absorption continues to strengthen. With the construction pipeline sitting...
