The following are some highlights from CBRE|Hubbell Commercial’s 2021 first-quarter multifamily market report for the Des Moines area:
  • The vacancy rate of the 35,251 apartment units surveyed was 6.8% in the first quarter, up slightly from 6.6% in the previous quarter. The central business district had the area’s highest vacancy rate at 9.2%.
  • The average asking monthly rent was $955, up from $945. Average monthly rental rates ranged from $718 on Des Moines’ east side to $1,200 in the central business district. Currently, 29 of 39 apartment properties surveyed are offering concessions in the form of rent, according to the survey.
  • More than 1,600 apartment units are under construction, including two projects that broke ground in the first quarter. Blue Ridge Commons in Altoona will include 100 low-rise apartments and 62 townhome-style units. Rising Ridge in Pleasant Hill will include 140 units.
Read the report.