MARKET SNAPSHOT

Des Moines q2 2025

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AVERAGE RENT

$1,161 Q2 2025

OCCUPANCY RATE

92.4% Q2 2025

NET ABSORPTION

507 H1 2025

ANNUAL RENT CHANGE

0.2% Q2 2025

ANNUAL OCCUPANCY CHANGE

-140 BPS Q2 2025

COMPLETIONS

765 H1 2025

KEY TAKEAWAYS

Consistent supply pressures alongside subdued demand in the early part of 2025 has driven a noticeable decline in occupancy across Des Moines’ multifamily market, with higher-end, newly delivered units facing the greatest pressure as absorption lags completions.

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Relief is on the horizon for operators, as only 240 units broke ground in the first half of 2025—a 69% drop from the prior year—positioning 2026 for a shift toward tighter supply-demand conditions.

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While rent growth has softened over the past two years, a sharp decline in construction activity is expected to ease competitive pressures in the back half of 2025. Seasonal leasing trends also suggest stronger apartment demand during the summer months, offering further support for rent stabilization.

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MARKET OUTLOOK

The Des Moines multifamily market is positioned for stabilization and renewed growth in the latter half of 2025, supported by a rapidly contracting construction pipeline...

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