MARKET SNAPSHOT

Des Moines q3 2026

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AVERAGE RENT

$1,135 Q3 2026

OCCUPANCY RATE

93.2% Q3 2026

NET ABSORPTION

2,305 T4Q

ANNUAL RENT CHANGE

0.9% Q2 2026

YoY OCCUPANCY CHANGE

70 BPS

UNIT COMPLETIONS

1,639 T4Q

KEY TAKEAWAYS
Renter demand in Des Moines remained strong, with trailing four-quarter absorption up 56% from a year ago and comfortably outpacing new completions, even as every tracked submarket posted positive absorption over the period.
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The construction pipeline has contracted sharply, down 44% from a year ago and 74% below its 2016 peak, now running slightly below the national average relative to inventory.
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Rent growth returned to positive territory after three consecutive quarters of annual decline, roughly in line with the national benchmark, while occupancy improved to 93.2%, up 70 basis points year-over-year despite a sizable recent delivery wave.
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MARKET OUTLOOK

The Des Moines market should continue to see fundamentals firm gradually over the next several quarters, with occupancy holding roughly steady in the low-93% range...

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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

To gain further insights into the Des Moines Market, contact our local team:

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