MARKET SNAPSHOT

Des Moines q3 2025

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AVERAGE RENT

$1,146 Q3 2025

OCCUPANCY RATE

92.0% Q3 2025

NET ABSORPTION

1,065 YTD Q3 2025

ANNUAL RENT CHANGE

-0.5% Q3 2025

ANNUAL OCCUPANCY CHANGE

-160 BPS Q3 2025

UNIT COMPLETIONS

1,717 YTD Q3 2025

KEY TAKEAWAYS

After three quarters of slower activity, new supply rose in Q3 2025 with more than 900 units delivered across the Des Moines metro—roughly 85% concentrated in Dallas County and Ankeny/Saylorville.

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Annual rent growth in Des Moines turned negative at -0.5% in Q3 2025—the first annual decline since 2010—reflecting soft absorption, though Outlying Polk County (+0.3%) and Dallas County (+0.2%) managed modest gains.

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Des Moines’ multifamily occupancy averaged 92.0% in Q3 2025, down 160 basis points year over year but still only slightly below the pre-pandemic average of 92.6% and the 10-year norm of 93.3%.

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MARKET OUTLOOK

Des Moines remains one of the nation’s more affordable multifamily markets, with average rents at $1,146 per month compared to a median household income of roughly $85,000...

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