The following are highlights from CBRE|Hubbell Commercial’s 2021 third-quarter multifamily market report for the Des Moines area:

• The vacancy rate of the 36,522 apartment units surveyed was 4.2% in the quarter that ended Sept. 30. The vacancy rate has fallen more than 2 percentage points from the first quarter’s rate of 6.3%. In the second quarter, the vacancy rate was 5.3%. In the third quarter, the central business district had the area’s highest vacancy rate at 7.1%.

• The average asking monthly rent was $1,021, up nearly 5% from the second quarter’s $973. Average monthly rental rates ranged from $749 on Des Moines’ east side and in Indianola to $1,206 in the central business district.

• Construction began on three new apartment developments that will add 399 units to the metro area. The projects include the first phase of Stirling North at Prairie Trail, located at 1102 S.W. 11th St. in Ankeny; the second phase of Emory Apartments at 1490 34th Ave. in Altoona; and 88th Street Lofts at 520 88th St. in West Des Moines.

"New deliveries will continue at a modest pace in the near-term and should help balance weakened demand in the coming months," according to the market report. "Largely flat occupancy levels over the next two quarters will likely result with notable performance gains in fundamentals resuming in early Q2 2022."

Read the report.