In Q2 2023, the average monthly rental rate in Omaha increased to $1,190, reflecting a noteworthy 5.8% year-over-year growth. Despite a general moderation in rent increases, akin to trends in other U.S. multifamily markets, Omaha achieved the 8th highest rent growth among the nation’s 150 largest apartment markets, significantly outperforming the national average of 0.4%. Over the last three years, rents in Omaha have cumulatively risen by 26%. Shifting attention to Omaha’s submarkets, Sarpy County led the way with the highest annual rent increase, recording a substantial 7.3% expansion in rental rates. In contrast, North Omaha experienced a more moderate but still healthy annual increase of 4.3%. When breaking it down by property classes, Class A assets saw a 6.5% growth in rents, Class B assets followed with a 5.4% increase, and Class C properties slotted in between, registering a 5.7% uptick.