Modest Construction Activity Keeps Apartment Market Tight in Omaha

OMAHA, NB — The Omaha apartment market will continue to improve throughout the year, underpinned by only modest new construction and steady economic growth, according to a first-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Employment is forecast to expand at a subtle but positive pace, led by the educational and health services sector.

“Investors should maintain a positive outlook on Omaha’s apartment investment market, which is positioned for steady, long-term fundamental growth,” says Matthew Fitzgerald, (top right photo) regional manager of the Omaha office of Marcus & Millichap.

Following are some of the most significant aspects of the Omaha Apartment Research Report:

· Local employers are on pace to increase payrolls 0.8 percent this year with the addition of 4,000 new jobs.

· Developers are forecast to deliver 300 apartments to the Omaha metro area by year end.

· Vacancy is projected to decrease 20 basis points to 5.4 percent.

· Asking rents are expected to rise 3.4 percent to $691 per month.

· Effective rents will advance 3.5 percent to $668 per month.

For a copy of the complete Omaha Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716