Q1 2026 absorption outpaced quarterly deliveries by nearly 2:1, a meaningful demand-side reversal from the supply-heavy conditions that defined 2025, though trailing 12-month absorption still lags deliveries as the cumulative impact of last year's surge works through the market.
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The construction pipeline continues to decline, contracting to 3,413 units in Q1, equal to 3.9% of existing inventory, and trailing 12-month starts have fallen 53% from a year ago to 2,040 units, signaling a sustained reduction in forward supply pressure through 2026 and into 2027.
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Omaha's 1.6% annual rent growth ranks 11th among the 50 largest markets nationally, with a 1.3% quarter-over-quarter gain in Q1 2026 snapping two consecutive quarters of decline. Stabilized occupancy of 93.6% remains above the national average and several regional peer markets.
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MARKET OUTLOOK
Omaha's supply cycle is transitioning from peak pressure toward a more manageable forward environment. Starts have fallen sharply from their...
