MARKET SNAPSHOT

Des Moines q2 2026

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AVERAGE RENT

$1,151 Q2 2026

OCCUPANCY RATE

93.2% Q2 2026

NET ABSORPTION

2,556 T4Q

ANNUAL RENT CHANGE

0.5% Q2 2026

ANNUAL OCCUPANCY CHANGE

70 BPS

UNIT COMPLETIONS

2,344 T4Q

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.
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The construction pipeline has contracted sharply, the most significant supply-side tailwind the market has seen since the current cycle began.
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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.
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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..

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Featured Des Moines Research Reports:

Shana Patrick Headshot

Shana Patrick

Managing Director

shana.patrick@mmgrea.com

Josh Benard

Josh Benard

Senior Director

josh.benard@mmgrea.com

Chloe Dayton

Chloe Dayton

Associate Advisor

chloe.dayton@mmgrea.com

Dalton Stelpflug

Dalton Stelpflug

Associate Advisor

dalton.stelpflug@mmgrea.com

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